REU CH 5 Review

Vendee

A Purchaser, buyer.

Security Instrument

A contract whereby a debtor agrees to use property as security or colateral for the repayment of debt

Mortgage

A contract whereby a mortgagor agrees to use Real Property as security for the repayment of debt.

Deed in Lieu of Foreclosure

A deed to Real Property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender.

Easement by Voluntary Grant

A grantor conveys the right to use the grantor's land to a grantee for the purpose of ingress and egress.

Judgment Lien

A legal claim on all of the property of a judgment debtor which enables the judgment creditor to have the property sold for payment of the amount of the judgment.

Mechanics Liens

A lien created by statute which exists against Real Property in favor of persons who have performed work or finished materials for the improvements of the Real Property and have yet to be compensated.

Involuntary Lien

A lien imposed against property without consent of an owner (taxes, special assessment, federal income tax lien)

General Lien

A lien on all the property of a debtor.

Specific Lien

A lien that attaches to one specific property only.

Adverse Possession

A method of acquiring title to Real Property by conforming to Statutory requirements; a form of involuntary alienation of title.

Dominant Tenement

A property that includes in its ownership the appurtenant right to use an easement over another person's property for a specific purpose.

Easement Appurtenance

A right of use in the adjoining land of another that moves with the title to the property benefiting from the easement.

Easement in Gross

A right of use in the land of another without the Requirements that the holder of the right owns the adjoining land.

Easement

A right, privilege or interest limited to a specific purpose which one party has in the land of another.

Vendor

A seller

Package Loan

A type of loan used in home financing covering Real Property, Improvements and Moveable equipment/appliances.

Real Property Sales Contract

An agreement to convey title to Real Property upon satisfaction of specified conditions which does not require conveyance within one year of formation of the contract.

Encumbrance

Any Charge, Claim, Burden (a.k.a. Cloud on Title) and/or interest in Real Property other than the owners, including but not limited to: Any restriction upon the title to real property affecting and/or limiting any interests or its use.

Voluntary Lien

Any lien placed on property with contest of or as a result of the voluntary act of the owner.

Lien

Encumbrance which usually makes specific property secuirty for payment of a debt or discharge of an obligation (Judgments, taxes, mortgages, deeds of trust)

Easement by Necessity

Exists when a landowner has no access to roads and is landlocked.

Servient Tenement

Land encumbered (runs over) by an easement

Easement by Prescription

Obtained by use of the land of another for the legally prescribed length of time.

Trustor

One who borrows money from a trust deed lender, then deeds the real property securing the loan to a trustee to be held as security until the trustor has performed the obligation to the lender under terms of a deed of trust.

Trustee

One who holds property in trust for another to secure the performance of an obligation. Third party under a deed of trust.

Foreclosure

Procedure whereby property pledged for a debt is sold to pay the debt in event of default in payments or terms.

Debt

That which is due from one person or another; Obligation, liability.

Promissory Note

The Evidence of Debt. Following a loan commitment from the lender, the Borrower signs a note, promising to repay the loans under stipulated terms. The promissory note establishes personal liability for its payment.

Hypothecate

To pledge a thing as security without the necessity of giving up possession of it.