Title Agency Tucson | Catalina Title Agency

Phone: 520-546-8127 • Fax: 520-901-1650

Glossary

Catalina Title
1580 N. Kolb, Ste, 110
Tucson, Arizona 85715
Phone: 520-546-8127
Fax: 520-901-1650

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Abatement of nuisance - Termination or elimination of a nuisance
Abstract - Brief summary
Abstract of Judgment - Summary of essential provisions of a money judgment. When recorded, it creates a general lien on real property of the judgment debtor in the count in which the abstract is recorded.
Abstract of title - Summary of the condition of title based on examination of public records.
Abutting - Touching or bordering a street or highway.
Acceleration clause - Clause commonly used in installment notes that permits the payee to declare the entire unpaid balance immediately due on default in payment. Such a clause contained in a note secured by deed of trust is subject to a statutory right of reinstatement. See also alienation clause; due-on-sale clause.
Access right - Landowner's right to have ingress to and egress from his property to a public street.
Accession - Addition to property by natural increase or growth; also, by installation of improvements.
Accommodation party - Person who, to permit another person to obtain credit, signs a note without receiving value.
Accretion - Increase of land on a shore or riverbank by gradual deposit of sand or soil by action of the water.
Acknowledgment - Declaration by the party executing an instrument that it is his act and deed. It is usually made before a notary public.
Action in personam - Court action that seeks a judgment against the person as distinguished from a judgment against the property, e.g. an action of money against the maker of an unsecured note.
Action in rem - Court action that seeks a judgment against property, e.g. an action to quiet title to real property.
Actual notice - Notice a party receives in fact or in realty, as compared with constructive notice (implied or inferred).
Ad litem - During the pendency of a court action or proceeding, e.g., a guardian ad litem.
Ad valorem - According to the value.
Adjoining owners - Owners of two or more parcels of real property that are contiguous to each other, i.e., touching.
Adjudication - Judicial determination of a case or controversy.
Administrator - Person appointed by a probate court as representative of a decedent's estate when the decedent left no will.
Administrator c.t.a. - Administrator with the will annexed (cum testamento annexo); the representative of a decedent's estate when no one is named as executor, or when the person named is unable or unwilling to act.
Advances - Money advanced by the beneficiary under a trust deed to pay real estate taxes, hazard insurance premiums, and other items needed to protect the beneficiary's interest under the trust deed.
Adverse possession - Method of acquisition of property based on an adverse or hostile, continued use of another person's property for a period of five years and payment of taxes.
Affirmation - Solemn statement or declaration in writing by a person who conscientiously declines an oath. It is made under penalty of perjury.
After-acquired title - Title acquired by a grantor who conveyed land before he owned it. The prior grantee automatically retains title to such land without having to obtain another deed from his grant.
Agency - A legal relationship in which someone (principal) hires someone else (agent) to represent them to a third party.
Alienate - To transfer title to real property from one person to another.
Alienation - Transfer of title to land from one person to another. It is voluntary if freely made when contrary to the owner's desire, e.g. bankruptcy, execution or other judicial sale.
Alienation clause - A provision in a note and deed of trust calling for automatic maturity at the lender's option in the vent of sale or transfer of the real property to a third party; also called due-on-sale clause.
All-inclusive deed of trust - Deed of trust that includes within the terms of the note the obligations owing under a prior deed of trust. See also wrap-around mortgage.
Alluvion - Soil deposited by accretion. Also referred to as alluvium.
Ambulatory - Subject to being altered; changeable. A will is ambulatory, i.e., it can be changed at any time by the testator.
Amortization - Provision for payment of a debt or obligation on an installment basis; also, recovery, over a period, of cost or value. In zoning, gradual elimination of a nonconforming use.
Amortized loan - Loan that is completely paid off, both as to principal and interest, by a series of regular payments that are equal or nearly equal.
Ancillary administrator - Administrator appointed in a state other than the decedent's domicile.
Annexation - Addition to property by adding or attaching other property (e.g. fixtures) to it. Also, addition of a county's unincorporated territory to a city or town.
Annuity - Series of assured equal or nearly equal payments to be made over a period of time, usually on a monthly basis.
Antenuptial agreement - Contract by a man and woman regarding their property, made in contemplation of their marriage. Also called prenuptial agreement.
Application fee - A fee to cover some of the charges of the loan process.
Appraisal - Opinion as to value of property; a conclusion resulting from an analysis of facts affecting fair market value.
Appraisal fee - A fee charged by the Lender for an appraisal.
Appurtenance - Anything incidental or belonging to land that is considered part of the real property, e.g. an improvement on real property, an easement.
Assessed value - Value placed on property by the Central Appraisal District as a basis for taxation.
Assessments - Special impositions on property to pay the cost of a local work of improvement, e.g. sidewalks, curbs, sewers, street lighting.
Assessor - County official who determines the assessed value of property for tax purposes.
Assumption agreement - Undertaking or adoption of a debt or obligation primarily resting on another person.
Assumption fee - Lender's charge for changing over and processing new records for a buyer who is assuming an existing loan.
Assumption of mortgage - Agreement by a buyer in which he assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property.
Attorn - To accept and acknowledge a new landlord.
Avulsion - Sudden tearing away of land by violent action of a river or other watercourse.

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Balloon payment - Installment note final payment that is greater than preceding payments and that pays the note in full.
Base lines - Imaginary east-west lines that intersect meridians to form a starting point for measurement of land.
Bench mark - Location indicated on a durable marker by a land surveyor.
Beneficiary - One entitled to the benefit of a trust: as used in a trust deed, the lender is designated as the beneficiary, i.e., obtains benefit of the security.
Beneficiary's statement - Statement of a lender giving the remaining principal balance due on a note and other information concerning the loan. It is usually obtained in escrow when the landowner wishes to sell or refinance.
Binder - Notation of coverage on an insurance policy, issued by an agent, and given to the insured before issuance of the policy.
Blanket mortgage or trust deed - Mortgage or trust deed that covers more than one lot or parcel of real property; often covers an entire subdivision. As individual lots are sold, a partial reconveyance from the blanket mortgage is ordinarily obtained.
Bona fide purchaser - One who buys property in good faith, for fair value, and without notice of any adverse claim or right of third parties.
Bundle of rights - Beneficial interests or rights an owner has in his property, including the rights of use and transfer, and the right to exclude others.

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Caveat emptor - Let the buyer beware. Places a duty on a buyer to examine goods or property before purchasing when he buys at his own risk. Of less application today than formerly.
Certificate of sale - Certificate issued to the purchaser at an execution sale. It evidences ownership and is exchanged for a deed if there is no redemption from the sale.
Certificate of title - Certified statement regarding ownership of land, based on examination of the record title.
Cestui que trust - Person for whose benefit property is held in trust.
Chain of title - Chronological list of recorded instruments affecting title to land, beginning with the earliest, in point of time, and concluding with the latest evidence of ownership.
Chattel real - Interest in real estate less than freehold, e.g., an estate for years.
Chose in action - Personal right not reduced to possession but recoverable by an action at law, e.g. creditor's right to money owed by debtor.
Civil law - Law of the Roman Empire, based on the code of the Emperor Justinian. It is the basis of the law in many European countries today. In England, however, the common law applies.
Class action - Representative lawsuit in which plaintiff files an action to recover money or to redress a wrong not only on his own behalf but also on behalf of all other persons similarly situated.
Cloud on title - Semblance of title, or a claim appearing in some legal form, that is in fact invalid.
Collateral - Property pledged as security for a debt, e.g., real estate pledged as security under a mortgage or trust deed.
Collateral assignment - Assignment of an interest in property, such as a note secured by a trust deed, for security purposes; not an absolute assignment.
Color of title - That which gives the appearance of title, but is not title in fact.
Commercial acre - Term applied to the remainder of an acre of subdivided land after the area devoted to streets, sidewalks, curbs, etc. has been deducted from the acre.
Commitment - Pledge, promise, or firm agreement. FHA commitments are of two types, conditional and firm. The former is a commitment of a definite loan amount on a parcel of property subject to approval of a presently unknown borrower who will be required to have a satisfactory credit rating. The latter type is an agreement by FHA to insure a loan on a specified property with a specified borrower.
Competent - Legally qualified; capable of contracting.
Conclusive presumption - Inference the law makes that cannot be contradicted.
Condemnation - Exercise of the power of eminent domain, i.e., taking property for a public purpose on payment of just compensation. Also, declaration under the police power that a structure is unsafe or unfit for use. In the latter case, a structure can be condemned without payment of compensation.
Condition - A provision in a contract or other document providing that a right or interest in property depends on a future event that may or may not happen.
Condition precedent - Condition that must be fulfilled before an estate can vest.
Condition subsequent - Condition the failure or nonperformance of which may defeat an estate already vested.
Conditional sale contract - Contract of sale under which title remains in the seller until the conditions of the contract have been performed.
Condominium - System of individual ownership of units in a multifamily or other structure, combined with joint ownership of common areas of the structure and the land.
Confirmation of sale - Court approval of the sale of property by an executor, administrator, guardian, or conservator.
Conservator - A person appointed by the probate court to protect property.
Consideration - Anything of value used to induce another person to enter into a contract. It may be money, services, or a promise, and consists of either a benefit to the promisor, or a loss or detriment to the promisee.
Constructive - Inferred or implied.
Constructive eviction - Any disturbance of a tenant's possession by the landlord whereby the premises are rendered unfit or the tenant is deprived of the benefit of the premises.
Constructive notice - Notice given by public records.
Constructive trust - Trust imposed by law to redress a wrong or to prevent unjust enrichment.
Contiguous - In actual or close contact; adjoining or touching, e.g. parcels of land next to each other.
Contour - Surface configuration of land.
Contract - Agreement by which a person undertakes to do or not to do a certain thing.
Conventional mortgage - A mortgage securing a loan made by investors without government underwriting - that is, not FHA insured or VA guaranteed.
Convey - To transfer title to property from one person to another.
Conveyance - Written instrument transferring title to or an interest in land.
Cotenancy - Ownership of property by two or more persons.
Courier fee - Charges for delivery.
Courses and distances - Terminology used in surveying land for a description by metes and bounds.
Covenants - Agreements or promises contained in deeds and other instruments for performance or nonperformance of certain acts, or use or nonuse of property in a certain manner.
Credit report fee - As assessment, by the Lender, for a required credit report from a credit bureau.

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Declaration of homestead - Document recorded by a homeowner to protect his home from a forced sale in satisfaction of certain types of creditors' claims.
Dedication - Donation of land by the owner for public use.
Deed - A document which, when properly executed and delivered, conveys title of real property.
Deed of trust - Written instrument by which title to land is transferred to a trustee as security for a debt or other obligation. Also called a trust deed.
Default judgment - Judgment taken against a defendant who fails to appear in a lawsuit.
Defeasance clause - Clause in a mortgage that gives the mortgagor the right to redeem his property on payment of his obligation to the mortgagee.
Defeasible - Capable of being annulled or undone, such as a title.
Deficiency judgment - Personal judgment, in a foreclosure action, for the amount remaining due after sale of the security.
Demise - Transfer to another person of an estate for years, for life, or at will.
Demurrer - Objection made by one party to his opponent's pleading, alleging that he should not be required to answer because of some defect in the pleading.
Deraign - To trace or prove, such as a title.
Devisee - One who receives real property by will.
Disclosure - To make known or public. When dealing with real property, all disclosures should be in writing.
Discount Points - A negotiable fee paid to the Lender to secure financing for the Buyer. Discount points are up-front interest charges to reduce the interest rate on the loan over the life, or a portion, of the loan's term. One discount point equals one percent of the loan amount.
Domiciliary administrator - Administrator of a decedent's estate appointed at the place of decedent's domicile.
Dominant tenement - Land obtaining the benefit of an easement appurtenant.
Dragnet clause - Broad clause in many trust deeds in favor of a lending institution to secure already existing loans. The clause extends the deed of trust to cover every past and present obligation between debtor and creditor.
Due-on-sale clause - A provision in a real estate loan calling for automatic maturity at the lender's option on a sale or transfer of the real property to a third party. Also called an alienation clause.

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Earnest money - Money deposited by a Buyer as evidence of good faith.
Easement - Limited right or interest in land of another that entitles the holder of the right to some use, privilege, or benefit out of or over the land, e.g., to install pole lines, pipelines, roads, driveways.
Easement appurtenant - Easement created for benefit of a parcel of land. Such an easement is attached to the land.
Easement in gross - Easement created for benefit of an individual apart from ownership of land, e.g., a public utility easement.
Ejectment - Legal action by a landowner for return of his property and for damages when, for example, a defaulting buyer under a land sales contract refuses to relinquish possession.
Eleemosynary - Charitable.
Eminent domain - Government power to take property for public purpose on payment of just compensation. See condemnation.
Encroachment - Extension of an improvement onto land of another person.
Encumbrance - Anything that affects or limits the ownership of real property, such as mortgages, liens, easements or restrictions of any kind.
Equitable lien - Lien recognized in a court of equity.
Equitable title - Purchaser's title under a land sales contract.
Equity - State or quality of being equal or fair. A body of legal doctrines and rules developed to enlarge, supplement, or override a formal system of law that has become too narrow and rigid in its scope.
Equity in property - Amount or value of a person's interest in property above the total of liens or charges; the difference between the market value of the property and the amount of liens against it.
Equity of redemption - Right to redeem property after a judicial sale.
Erosion - Gradual eating away of soil by operation of currents or tides.
Escalator clause - Contract clause that provides for upward or downward adjustment of certain items of cost or expense to cover specified contingencies.
Escheat - Reverting of property to the state when there are no heirs, devisees, or legatees of the deceased owner.
Escrow - Deposit by contracting parties of a deed or other instruments and funds with a neutral third party (title company) for delivery to the respective parties on performance of a condition or conditions.
Escrow fee - A fee charged by the title company to serve the escrow transaction.
Estate - Degree, quantity, nature, and extent of a person's interest in real property.
Estate at will - Occupation of lands and tenements by a tenant for an indefinite period, terminable by either party at any time after notice.
Estate for life - Estate held by a person to continue during his life or for the life of any other designated person.
Estate for years - Interest in land based on a contract for possession of the land by a tenant or lessee for a definite or fixed period of time (either more or less than a year).
Estate of inheritance - Estate that may descend to heirs. A fee simple estate is an estate of inheritance.
Exception - Some part of a thing granted that is excluded from the conveyance and remains in the grantor.
Exclusive right to sell listing - A written agreement between the Seller and the agent, giving the agent the right to sell a property and collect a fee for a set term.
Exculpatory clause - Provision in a contract under which one party seeks to be absolved of liability for his negligent or other wrongful acts. An example is a clause in a land sales contract providing that the buyer takes the property "as is," including defects not visible to him. Such clauses generally have only a limited effect.
Execute - To sign a deed or other document; to perform a contract.
Execution - Act of completing; performance. In real estate, it particularly relates to the signing of a deed by the grantor.
Executor - Person designated in a will as the representative of a decedent's estate.
Executory - Contract or agreement not yet performed.
Executrix - Feminine of executor.
Exemption - Immunity from a burden or obligation.
Express - To state; to put into words or writing.
Extension agreement - Grant of further time within which to pay an obligation.

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Fair Market Value - The price at which a willing Seller would sell, and a willing buyer would buy, neither being under abnormal pressure.
False personation - Assuming, without authority, the identity of another person for fraudulent purposes.
Fee - Estate of inheritance in real property; also called a fee simple.
Fee simple absolute - Estate in real property that gives the owner the greatest power over the title. It establishes the title of real property in the owner without limitation or end.
Fee simple defeasible - Fee simple estate that can be lost or defeated by the happening of some event after the initial grant, e.g., breach of a condition contained in deed restrictions.
Fictitious deed of trust - Trust deed recorded by a trustee that discloses all general terms and provisions in the trust deed but does not relate to a specific transaction; it is used for reference only.
Fictitious name - Name used for business purposes that differs from the true name of the owner of the business.
Fiduciary - Held or founded in trust; one who holds a thing in trust for another person.
Financing statement - Evidence of a personal property security agreement that may be filed with the Secretary of State or recorded with the county recorder under prescribed conditions. Has replaced the chattel mortgage.
Fixture - Thing that was originally personal property but that has become attached to and is considered a part of the real property to which it is affixed.
Foreclosure - A proceeding to enforce a lien by sale of the property given as security.
Foreclosure sale - Sale of property pledged as security for a debt, to pay the debt after a default occurs.
Forfeiture - Loss of some right, title, estate, or interest in property or of money in consequence of a default.
Franchise - Right or privilege conferred by law, e.g., right to operate a railroad or a bus service. Also, a contractual right to engage in a particular business using a trade name or designation owned by another person.
Freehold - Estate of inheritance (fee estate) or for life.
Future advance clause - Clause in a deed of trust permitting the lender to make additional advances in the future that will also be secured by the deed of trust. See open-end mortgage.

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Garnishment - Statutory proceeding whereby a debtor's property, money, or credits in possession of a third party are seized and applied to payment of the debt.
General plan restrictions - Restrictions on use of real property imposed for the benefit of all lots in a subdivision.
Graduated lease - Lease that provides for a varying rental rate often based on periodic future determinations; used largely in long term commercial leases.
Ground lease - Lease covering land only and not improvements to be installed by the lessee.
Ground rent - Earnings of improved property credited to earnings of the land itself after allowance is made for earnings from improvements.
Guardian - A person appointed by the probate court to care for a person.

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Habendum - Deed clause that repeats the name of the grantee thusly: "to have and to hold unto the said _______"; describes the estate conveyed and to what use.
Hereditament - Property that is capable of being inherited.
Homestead - Homestead exemptions are created by statute and are enacted for the purpose of protecting a certain portion of the homestead and property of the head of a family from forced sale.
Hypothecate - To give a thing as security without parting with possession.

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In personam - Against the person.
In propria persona - In his own person; acting for oneself in a lawsuit (abbreviated to pro per).
In re - In the matter of
In rem - Against a thing (property) and not against a person.
Incapacitated - Person who is incapable of managing his own affairs because of a disability.
Inchoate - Incomplete; not perfected.
Incorporeal - Intangible; without physical existence.
Indenture - Deeds or other documents that are executed by both parties.
Indorsement - The act of signing one's name on the back of a check or promissory note to transfer it to a third party. Also, a rider attached to an insurance policy to expand or limit coverage.
Installment land sales contract - Contract of sale in which the buyer receives possession but not legal title to the property. On completion of the installment payments, the buyer is entitled to a deed.
Instrument - A writing (e.g., a deed) made and executed as the expression of some act, contract, or proceeding.
Insurable interest - Interest in property of such a nature that the occurrence of the event insured against would cause financial loss to the insured. The interest may be that of an owner, mortgagee, lessee, trustee, etc.
Intangible - Incorporeal; something that does not have material or physical existence. An example is an asset such as the goodwill of a business, as compared with the stock-in-trade.
Interim loan - Short-term loan usually made during construction of a building. After completion of the structure, a permanent loan (takeout loan) is customarily arranged.
Interlocutory decree - Court decree that does not finally dispose of a cause of action but requires that some further steps be taken (e.g., in eminent domain and marital dissolution proceedings)
Involuntary lien - Lien not voluntarily created by the landowner, e.g., a judgment lien.
Ipso facto - Of itself: by the very fact.

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Joint tenancy - Title held by two or more natural persons in equal shares, with right of survivorship.
Joint venture - Business undertaking by two or more persons to conduct a single enterprise for profit. Has characteristics of a partnership but relates to a single venture.
Judgment lien - Statutory lien created by recording an abstract or certified copy of a money judgment.
Junior lien - Subordinate or inferior lien, e.g., a second trust deed.
Jurat - A notarial act in which the notary certifies that a signer, whose identity is proven by satisfactory evidence, has made in the notary's presence a voluntary signature and has taken an oath or affirmation vouching for the truthfulness of the signed document.

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L.S. - Abbreviation for "locus sigilli," the place of a sale; the letters, instead of an actual seal, sometimes appear on an instrument.
Laches - Inexcusable delay in asserting a right.
Land sales contract - Contract used in connection with the sale of real property; the seller retains legal title until all or a certain part of the purchase price is paid by the buyer. Often used when property is sold on a small down payment. See installment land sales contract.
Landowner's royalty - Fractional interests in production of oil and gas created by the owner of the land, either by reservation when an oil and gas lease is entered into or by a direct grant to a third person.
Lands, tenements, and hereditaments - Inheritable lands or interests in them.
Latent - Hidden from view; concealed. See also patent.
Lateral support - Support that soil of an adjoining owner gives to the neighbor's land.
Lease - A contract for possession of property in consideration of payment of rent.
Legal description - Description by which property can be definitely located on the ground by reference to government surveys or approved recorded maps; sometimes referred to simply as the legal.
Legatee - Person to whom personal property is given by will.
Levy - A seizure of property by judicial process.
Life estate - Estate measured in duration by the life of a natural person.
Lineal - In a direct line, e.g., lineal descendant.
Lis pendens - Recorded notice of filing of an action affecting real property.
Littoral - Pertaining to the shore.
Loan origination fee - Normally a percentage of the loan amount charged by the Lender, to the buyer.
Lock-in clause - Loan provisions specifying a period during which repayment is not allowed under any circumstances.
Lot split - Sale of part of a preexisting parcel of land. Lot splitting is generally regulated by local zoning ordinances.

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Marketable title - Merchantable title: a title free from reasonable doubt in law and in fact.
Mechanic's lien - Statutory lien in favor of laborers and materialmen who have performed work or furnished materials or supplies to a work of improvement. If not paid, they have a right to record a lien within a prescribed period of time.
Merger of title - Absorption of one estate into another; a uniting of different interests in a parcel of property into one ownership.
Meridians - Imaginary north-south lines that intersect base lines to form a starting point for measurement of land.
Mesne - Intermediate; intervening.
Metes and bounds - Measurements and boundaries; terms used in describing real property.
Minor - A person of either sex under the age of eighteen years.
Monument - Object or mark used by a surveyor to fix or to establish boundaries or land location.
Moratorium - Temporary suspension by statute of enforcement of liability for a debt.
Mortgage - A legal document that provides security for repayment of a promissory note.
Mortgagee - Party who obtains the benefit of a mortgage (the lender).
Mortgagee's title policy - A policy required by the Lender to ensure that the Lender has a valid lien. It does not protect the Buyer. It is also required for 2nd mortgages.
Mortgagor - Party who executes a mortgage (the borrower).
Muniments of title - Deeds and other original documents showing a chain of title to a parcel of real property.
Mutual water company - Water company organized by or for the benefit of water users in a given district with the object of securing an ample water supply at a reasonable rate. Shares of stock are issued to users.

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NAREB - National Association of Real Estate Boards (now called the National Association of Realtors).
Negotiable - Capable of being transferred by indorsement; assignable or transferable in the ordinary course of business.
Negotiable instrument - Instrument (e.g., a promissory note or check meeting certain legal requirements) that allows it to circulate freely in commerce.
Nominee - Party designated to act in place of the original buyer in a real estate transaction.
Nonjudicial foreclosure sale - Sale of property by the trustee nder the power of sale in a deed of trust. Unlike a judicial sale, there is no right of redemption after sale.
Notice of completion - A written notice which the owner or its agent may elect to record at any time after completion of construction (as defined in A.R.S. 33-993) for the purpose of shortening the lien period. A notice of completion shall be signed and verified by the owner or its agent and shall contain the certain information as described in said statute.
Notice of default - Recorded notice that a default has occurred under a deed of trust (usually entitled "Notice of Default and Election to Sell"). It is the first step in non-judicial foreclosure of a deed of trust.
Novation - Substitution of a new obligation for an old one.
Nuisance - Anything that is offensive and works an injury or harm to a person or property. May be either a public nuisance (offends the general public) or a private nuisance (offends one property owner).
Nunc pro tunc - Now for then; a tardy act made retroactive to take effect as of the time it should have been done.

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Offset statement - Statement customarily furnished to an escrow holder from a tenant regarding rent, security deposits, and other rights of possession in the sale of income property. Also, statement furnished by an owner of land subject to an encumbrance as to the amount due. See also beneficiary's statement.
Omnibus clause - Clause in a decree of distribution by which any of decedent's property, whether specifically described in the decree or not, passes to the distributees.
Open-end mortgage - A mortgage (or deed of trust) that, in addition to the original obligation, secures additional advances made by the lender after the date of execution of the mortgage. Additional advances may be either optional or obligatory. See also future advance clause.
Option - Right given for consideration to purchase or lease a parcel of property within a specified time and on specified terms.
Ordinance - Legislative enactment of a city or county.
Ostensible - That which is apparent or seems to be; sometimes encountered in the field of agency when a person may be regarded as an ostensible agent although not an agent in fact, with resulting liability on the part of a principal.
Overriding royalty - Interest in oil and gas to be produced that a lessee may retain when executing an assignment of an oil and gas lease.
Owner's title policy - A policy that insures the Buyer against loss due to any defect of the title, not excepted to or excluded from the policy.
Ownership - Right to use and enjoyment of property to the exclusion of others.

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Parcel - Any area of land contained within a single description.
Partial reconveyance - Release of a portion of the property from the lien of a deed of trust.
Partial release clause - A provision in a land sales contract permitting release to the purchaser of part of the property when certain conditions have been met, e.g., payment of a specified amount of the consideration.
Partition action - Court action by which co-owners can sever their joint ownership, either by a division of the land into separate parcels, if practical, or by a sale of the property and a division of the proceeds in accordance with the owners' respective interests.
Partnership - A voluntary association of two or more persons to carry on as co-owners a business for profit. May be either a general partnership or a limited partnership.
Party wall - Wall located on the boundary line for the common benefit of adjoining owners.
Patent - When used as a noun, a conveyance by the federal government of title to a portion of public land. When used as an adjective, it means apparent, obvious, open to view. See also latent.
Per autre vie - During the life of another person.
Percentage lease - Lease, usually of commercial property in which rental is determined by the amount of business done by the lessee. Customarily this is a percentage of gross receipts from the business with provision for a minimum rental.
Periodic tenancy - Tenancy for successive periods of the same length (usually month-to-month) unless terminated sooner by proper notice of either party.
Personal property - Movable property; any property that is not real property.
Points - A point is equal to one percent of the loan amount, and can be paid by either the Buyer or Seller.
Preemptive right - Right of the holder to buy property on the same terms as offered by a third party if an owner chooses to sell.
Prepayment clause - A provision in a loan agreement permitting the debtor, for consideration, to pay part or all of the balance of the debt before its due date, thus saving interest.
Prepayment penalty - Charge imposed by a lender on a borrower who wants to pay all or part of the loan balance before its due date.
Prescription - Method of obtaining an easement by adverse use of another person's property for a period of years specified by law.
Presumption - That which may be assumed without proof.
Pretermit - To omit; to pass by. For example, a child who is not mentioned in his parent's will is referred to as a pretermitted heir.
Prima facie - Assumed correct until overcome by further proof.
Principal - The employer of an agent in an agency relationship.
Profit à prendre - Right to take part of the soil or produce of land.
Property - Anything of which there may be ownership. Property is classified as either real or personal.
Public domain - Land of which title still vests in the United States of America.
Public report - Report issued by the Arizona Real Estate Commissioner containing information of interest to a buyer about newly subdivided property.
Purchase-money mortgage - Mortgage that secures payment of all or a portion of the purchase price of real property.

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Quasi contract - Contract implied by law, based on conduct.
Quiet enjoyment - Right of an owner to enjoy his property without disturbance or interference of possession.
Quiet title - Court action brought to establish title to property or to remove a cloud on the title.
Quitclaim deed - Deed that conveys whatever present right, title, or interest the grantor may have. Unlike a warranty deed, it does not contain warranties.

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Range - As used in descriptions, a column of townships running north and south in a row parallel to, and east or west of, a principal meridian.
Ratification - Adoption or approval of an act performed on behalf of a person without previous authorization.
Real property - Lands, buildings, and appurtenances (immovable property).
Rebuttable presumption - Presumption that is not conclusive and may be contradicted by evidence.
Reconveyance - Conveyance to the landowner of the title held by a trustee under a deed of trust. May be full or partial.
Recordation - Filing for record in the office of the county recorder for the purpose of giving constructive notice of a title, claim, or interest in real property.
Recording fee - A fee charged by the County Recorder's office to record documents in the public record. The charges are based on the number of pages to be recorded.
Redemption - Reacquiring (buying back) one's property after a judicial sale on payment of the amount of the sale plus expenses and other costs incurred by the purchaser.
Reformation - Court action to correct a mistake in a deed or other document.
Reinstatement - Curing of a default by a borrower and restoration of the loan to current status through payment of past-due amounts.
Release clause - Mortgage or deed of trust clause providing for release of specified portions of the property on payment of a specific sum of money.
Remainder - Future interest in real property. It is an estate that takes effect after termination of the prior estate, such as a life estate.
Request for notice of default - Notice recorded by the holder of a junior lien requesting that he be notified if a notice of default is recorded under a prior deed of trust.
Rescission - Court action brought to cancel or annul the effect of executing a contract or other document.
Reservation - Right or interest retained by a grantor in conveying property.
Residue - That part of a decedent's estate remaining after payment of debts and taxes and distribution of specific bequests and devises.
Restraint on transfer - Limitation on an owner's right to transfer property.
Restrictions - Limitations on the use and enjoyment of property.
Resulting trust - Trust that is implied by law from the acts of the parties, e.g., when money is furnished by one party, but title is taken in the name of another party for convenience.
Reversion - Future interest in real property; it is the interest remaining in the grantor or his heirs after determination of a lesser estate granted by him, such as a leasehold estate.
Reversionary interest - Interest a person has in lands or other property on termination of a lesser estate, such as a leasehold estate.
Rider - Addition, amendment, or indorsement to a document, e.g., an insurance contract.
Right of survivorship - Right to succeed to the interest of a deceased joint tenant; it is the distinguishing feature of a joint tenancy.
Right-of-way - Right to cross or pass over a parcel of land; it may be a right to use a roadway or a driveway, to construct power lines through or over the land, or to place pipes under ground.
Riparian - Pertaining to the bank of a river.
Riparian rights - Right of a landowner to water under or bordering on his land.
Rule against perpetuities - Rule that places a limitation on the time property can be held in a private trust. The basic rule limits the time that property can be held in trust to lives in being plus 21 years. The rule has been modified by statute.

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Sale and leaseback - Situation in which the owner of a parcel of property sells it to a third party and retains possession by simultaneously leasing it from the buyer.
Sales contract - Contract under which a buyer and a seller agree to the terms of a sale of property.
Sandwich lease - Leasehold interest that lies between the primary lease and the operating lease; it is created when the lessee enters into a sublease.
Satisfaction - Performance of the terms of an obligation, e.g., payment in full of a note secured by a deed of trust.
Seal - Impression on a document that lends authenticity to its execution, such as affixing the corporate seal to a document executed by a corporation.
Section - Measure of land; it is one of the divisions employed in a government survey. It measures one mile on each side and contains 640 acres of land (if regular in shape).
Security - Collateral; property pledged or hypothecated to secure payment of a debt or performance of an obligation.
Security agreement - Agreement between lender and borrower creating a security interest in property pledged or hypothecated.
Security deposit - Deposit of money made to assure performance of an obligation, as by a tenant under a lease.
Seisin - Possession of land under a claim of freehold (also spelled seizing).
Septic Inspection - An inspection of the septic system that is required by, and must be certified by the County Health Department.
Servient tenement - Estate burdened by an easement.
Servitude - Right in another person's property in the nature of an easement.
Severalty ownership - Ownership of property by one person alone; sole ownership.
Sheriff's deed - Deed given to the purchaser at an execution sale of real property after the redemption period has expired.
Situs - Location of property.
Slander of title - False, unjustified statements regarding another person's title to property.
Soldiers' and Sailors' Civil Relief Act - Federal law, first enacted during World War II, that affords protection from foreclosure and other benefits to a person called into military service when the obligation was incurred before the person entered service. 50 USC App §§53-532.
Special assessments - Charge on property for its proportionate share of the cost of a local work of improvement, e.g. streetlights, curbing, sidewalks. Distinguished from property taxes, which are levied for the general support of government.
Specific performance - Court action to compel performance of an agreement for the sale of land.
Status - The standing of a person before the law, i.e., whether an adult, a married person, etc.
Statute of fraud - State law that requires that certain contracts, such as a contract for the sale of land, must be in writing to be enforceable.
Statute of limitation - State law that prescribes times within which court actions to enforce rights or for other relief must be filed.
Straight note - Note in which the entire principal is repaid in one sum, rather than in installments.
Subdivision - Division of a tract of land into separate parcels, usually for residential purposes.
Subject to - Method of taking over a loan secured by a trust deed without taking over the responsibility of a deficiency judgment if a foreclosure sale later occurs.
Sublease - Transfer by a tenant of his interest in leased property for a term less than his own, the tenant retaining a reversion.
Subordinate - To make inferior or junior to another interest or lien.
Subordination agreement - Agreement under which a prior or superior lien is made inferior or subject to an otherwise junior lien.
Subrogate - To substitute one person in place of another with reference to an obligation.
Summons - Court process that directs a defendant to make an appearance in an action filed against him.
Surety - Person who binds himself with another, called the principal, for performance of an obligation; a guarantor.
Survey - A survey of property required by the Lender, which shows the lot size, easements, encroachments (if applicable) and locations of improvements, etc.
Syndicate - Pooling arrangement or association of persons who invest in real property by buying shares in some type of organization such as a partnership, joint venture, corporation, or other entity.

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Takeout loan - Long term, permanent loan that replaces a short term, interim construction loan.
Tax deed - Deed issued to the purchaser at a tax sale of real property.
Tax sale - Sale of property by the tax collector for nonpayment of taxes.
Tax service fee - A fee required by the Lender for collection and disbursement of tax escrow, by an Account Servicing Company.
Tenancy in common - Ownership of property by any two or more persons in undivided interests (not necessarily equal), without right of survivorship.
Tenant - One who has the right of possession of another person's property under an agreement to pay rent.
Tender - Unconditional offer to pay a debt or perform a contract.
Tenements - All rights in land that pass with a conveyance of the land.
Tenure - Mode or manner in which title to land is held.
Term - Used variously in the real estate field: denotes the period of a lease, provisions of a loan, or any provision of a contract.
Termite inspection - An inspection required by the Lender to show that the property is free and clear of active termites.
Time is of the essence - A term that demands punctual performance in a binding contract.
Title - In dealing with real property, "title" means ownership.
Title insurance - Assurances as to the condition of title; protects owner or other insured, such as a lender, against loss or impairment of title.
Title policy - An insurance policy on the ownership of real property against defects in title.
Topography - Nature of surface or land, e.g., level, rolling mountainous.
Township - Part of a subdivision of United States public lands. A township contains 36 sections, uniformly numbered starting with the northeast section, and each one-mile square.
Tract - Real estate development in which one large parcel is divided into a number of small parcels called lots.
Trade fixtures - Articles of personal property, fastened to real property, that are necessary to carrying on a trade. When installed by a tenant, they are ordinarily removable on expiration of the tenancy.
Trade name - Name or style under which a firm does business.
Trespass - Invasion of an owner's right in his property; wrongful entry on the land of another person.
Trust - Fiduciary relationship in which one party (trustee) holds title to property for the benefit of another party (beneficiary).
Trust deed - See deed of trust.
Trustee - Person who holds title in trust for the benefit of another person.
Trustee's deed - Deed given by the trustee under a deed of trust when the property is sold under the power of sale.
Trustee's sale - Foreclosure sale conducted by the trustee under a deed of trust after a default occurs.
Trustor - Person who conveys property in trust.

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UCC - A security instrument pertaining to personal property, filed and perfected with Secretary of State and may be recorded with the County Recorder.
Ultra vires - Beyond their powers. A corporation is said to act ultra vires when it exceeds the authority given it by its charter and bylaws.
Underwriting fee - A fee charged by the Lender to underwrite the loan.
Undivided interests - Unsegregated interest of co-owners in the entire property owned in common.
Unities - As related to joint tenancy, four unities are necessary to create a valid joint tenancy; time, title, interest, and possession.
Unjust enrichment - Legal doctrine designed to prevent a person from taking advantage of another person's mistake, such as overpayment of an amount due. It is based on a rule of fairness.
Unlawful detainer - Action to recover possession of real property.

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VA funding fee - A fee charged by the Veteran's Administration for originating a VA loan.
Valid - Sufficient in law; effective.
Variable interest rate - Interest rate that fluctuates with the current cost of money; subject to adjustment if the prevailing rate moves up or down.
Variance - Departure from the general rule; an exception.
Vendee - Buyer or purchaser under a contract of sale.
Vendor - Seller under a contract of sale.
Venue - County in which a lawsuit is brought or tried; place in which an acknowledgment is taken.
Verification - Sworn statement before a duly qualified officer (e.g., a notary public) that the matters set forth in a pleading or other document are true.
Vest - To give an immediate, fixed right in property, with either present or future enjoyment of possession; also denotes the manner in which title is held.
Vested interest - Interest in property that is fixed or determined.
Void - Having no legal effect; null.
Voidable - Instrument that appears to be valid but is in fact lacking in some essential requirement.
Voluntary lien - Lien intentionally created by a debtor (e.g. mortgage, deed of trust), as contracted with a judgment lien.

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Warehouse fee - A fee charged by the Lender to hold the loan locally before selling it in the secondary market, to an investor.
Warranty deed - Deed containing express warranties of title and quiet possession. Often used where assurances are customarily given by title insurance.
Waste - Destruction or injury to premises by a tenant; impairment in value by a life tenant or by a mortgagor or trustor.
Water right - Right of a landowner to use water bordering on or underneath his land.
Wrap-around mortgage - Method of refinancing in which a second lender assumes payment of the present mortgage and gives the mortgagor an increased mortgage at a higher interest rate. See also all-inclusive deed of trust.

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Zone - Area in a community set off by the zoning authority for specified uses, e.g., single-family residence.
Zoning - An act of the city authorities specifying the type of use for which a property may be used.