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Warrenton (540) 341-1000 |
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Manassas (703) 656-4560 |
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Glossary of Title Insurance Terms:
| Abstract (of title) -- A condensed history of a title to real estate consisting of a summary of the various links in the chain of title, together with a statement of all liens, judgments, taxes or encumbrances affecting the property |
| Adverse possession -- Possession inconsistent with the right of the true owner. |
| Curtesy -- In most states, an estate for life which a husband takes at the death of his wife in one-third of those properties which she owned at the time she died. |
| Deed -- A written instrument duly executed and delivered for the purpose of conveying title to real estate. |
| Defect of record -- Any Any encumbrance on a title which is made a part of the public record. Some recorded defects are judgments, mortgages, other liens, easements, etc. |
| Dower -- In most states, an estate for life which a wife takes at the death of her husband in one-third of those properties which he owned at the time he died. |
| Easement -- A privilege or right of use or enjoyment which one person may have in the lands of another; for example, a right-of-way for utility lines, a joint driveway, etc.. |
| Encroachment -- Trespass; the building of a structure or any improvements partly or entirely intruding upon the property of another. |
| Encumbrance -- Any right to or interest in land which may be held by third parties to the lessening of the value of the title to real estate, such as a judgment, unpaid taxes, other ??? ?easements, etc... |
| Equity -- The interest or value which an owner has in real estate over and above the debts against it. |
| General Warranty Deed -- A deed containing a covenant whereby the grantor agrees to protect the grantee against any claimant. |
| Grantee -- The Buyer of real estate. |
| Grantor -- The seller of real estate. |
| Hidden defect -- Any encumbrance on a title that is not apparent in the public records; for example, unknown heirs, secret marriages, forged instruments, mental in competency, infancy of a grantor, etc.. |
| Infancy -- That state of being wherein a person has not yet reached the age of legal majority -- in most states an infant is a person who has not yet reached the age of 18, although in some states the age of majority is still 21. |
| Lien -- A hold or claim which one person has upon the property of another as a security for some debt or charge. |
| Mortgagee -- The lender under a mortgage. |
| Mortgagor -- The borrower under a mortgage. |
| Partial interest -- Any interest less than a whole; for example, a wife's dower interest, an heir overlooked in the distribution of an estate (partial interests in properties may get down to very small fractions). |
| Perfecting title -- The elimination of all claims made against a title to real estate. |
| Restriction -- A limitation placed upon the use of real estate. Some common restrictions are set-back lines prohibiting the erection of any part of a building less than a specified number of feet from the street line; an ordinance restriction land to residential use, etc.. |
| Special Warranty Deed -- A deed containing a covenant whereby the grantor agrees to protect the grantee against any claims created by the grantor. |
| Title -- The sum of all the facts on which ownership is founded or by which ownership is proved. Possession, the right of possession and the right of property form a complete title. |
| Title defect -- Any circumstance that adversely affects the right of the whole ownership of property by the owner of record. |
| Title failure -- Any circumstance that defeats the right of whole ownership of property by the owner of record. |
| Title search -- The examination of all the records comprising a history of the title to real estate (see "abstract of title"). |
| Title search fee -- The charge made by an attorney or abstracter for performing a title search. |
