![]() Property is transferred to a trustee by the borrower in favor of the lender. Deeds must meet certain legal requirements in order to be effective.ĭeed of Trust: Used in place of a mortgage. The covenants are said to “run with the land”, meaning that they will be binding on future owners of the property.ĭeed: A written instrument by which some degree of ownership interest in real estate is transferred from the grantor to a grantee. It may restrict the size, price range, location, character and other features of buildings which may be constructed there. CC&R’s will often be used by land developers when the property is subdivided and platted. ![]() Common areas include swimming pools, tennis courts, other recreational facilities, corridors of buildings, parking areas, means of ingress and egress, etc.Ĭontiguous: Adjoining or touching Covenants, Conditions and Restrictions (CC&R): Constraints in a deed or other recorded document which delineate the uses to which the land may be put and the penalties for failure to comply. It is called a commitment because the company is committing to issue a title insurance policy that conforms with its provisions.Ĭommon Areas: Those portions of a building, land, and amenities owned or managed by a PUD or Condominium Project’s Owner’s Association that are used by all of the unit owners. Generally these cannot be removed except by a quit claim deed, release or court action.Ĭommitment (Title): The initial product delivered by a title company which reports the status of title as a specific date. The association speaks for the title insurance and abstracting industry and establishes standard procedures and title policy forms.īeneficiary: The person designated to receive the income from a trust or estate.Ĭlear Title: Title which is not encumbered or burdened with defects.Ĭloud on Title: Any claim or condition (valid or invalid), which adversely affects the title to a property. Must have a court order to sell the property.Īdverse Possession: The actual, visible, hostile, notorious, exclusive and continuous possession of another’s real estate.Īmerican Land Title Association (ALTA): A national association of title insurance companies, abstractors, and attorneys specializing in real property law. Notarized documents may be introduced as evidence in court without further proof to the genuineness of the signature.Īdministrator: Person appointed by the Judge of Probate to take possession of the property who died without a will, to pay debts and distribute the property to those entitled to it according to the law. ![]() The following is a basic dictionary of the terms commonly used in the title insurance industry.Īcknowledgement: A formal declaration, before a notary public, by a person signing a document that his or her signature on a document is their own and was voluntarily given.
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