Glossary of terms

Question 1

Abstract of Title

Answer 1

A history of the title to a piece of land which lists all the conveyances, transfers, liabilities, covenants against or burden upon the land and other facts pertinent to such title that would be of interest to a prospective purchaser.

Question 2

Affidavit

Answer 2

A voluntary declaration or statement of facts, written or printed and sworn to by the person making it before an officer authorized to administer oaths

Question 3

Arrears

Answer 3

An overdue and unpaid debt of liability

Question 4

Assign

Answer 4

To transfer property or an interest in the property

Question 5

Assignee

Answer 5

A party or person receiving relinquished rights to a property

Question 6

Assignor

Answer 6

A party or person who relinquishes rights to a property

Question 7

Assignment

Answer 7

The act of transferring property or an interest in a property. The instrument by which such property or such interest is transferred.

Question 8

Bankruptcy

Answer 8

The condition of being bankrupt, that is, being one who has been declared insolvent and whose property is subject to seizure and distribution among his creditors under a federal statute commonly referred to as the bankruptcy law.

Question 9

Cloud on Title

Answer 9

An outstanding claim or encumbrance upon property that impairs clear title.

Question 10

Deed

Answer 10

An official document, signed, usually sealed, and delivered, that contains some contract, bargain or transfer. The term usually refers to the instrument by which land, or an interest in land, is conveyed from one party to another.

Question 11

Defendant

Answer 11

The person or party against whom a legal action is brought

Question 12

Delinquency

Answer 12

The total of all unpaid taxes and municipal charges, including interest, due on a given parcel of property covering any number of quarters or years.

Question 13

Deputy

Answer 13

A person duly authorized to act for, or in place of, another person

Question 14

Fee Simple

Answer 14

Absolute ownership of property, meaning that the owner has unconditional power to dispose of the property during his lifetime and to pass such absolute ownership to whomever he wishes upon his death.

Question 15

Fiscal Year

Answer 15

The twelve month budget cycle of a municipality

Question 16

Foreclosure

Answer 16

Any one of several methods used to enforce payment of a debt secured by a property, by taking ownership of the property through a court procedure.

Question 17

Foreclosure Ledger

Answer 17

Official municipal record of properties to which the municipality has taken title by the foreclosure process.

Question 18

Grantee

Answer 18

A party or person receiving relinquished rights to a property

Question 19

Grantor

Answer 19

A party or person who relinquishes rights to a property

Question 20

In Personam

Answer 20

A latin phrase meaning “against the person”, used to describe an act or proceeding against or in reference to a specific person or party

Question 21

In Rem

Answer 21

a Latin phrase meaning “against the thing”, used to describe an act or proceeding against or in reference to a specific thing (rather than against its owner)

Question 22

Interest

Answer 22

1. A share in the ownership of property2. The price paid for borrowing money, usually a percentage of the amount lent.3. The amount charged as a penalty for delinquent taxes and/or other municipal charges.

Question 23

Judgment

Answer 23

The final determination (adjudication) by a court of the rights and claims of the parties to an action.

Question 24

Levy

Answer 24

1. To impose or collect; to exact, as a tax or fine2. An amount imposed or collected

Question 25

Lien

Answer 25

A legal claim or encumbrance on property , as security for a debt or charge, under which the property may be seized and sold to satisfy the debt.

Question 26

Lien Register

Answer 26

The official municipal record of all liens sold.

Question 27

Marketable Title

Answer 27

Title to a property which is not defective

Question 28

Mortgage

Answer 28

An encumbrance upon land or other property as security for the performance of some obligation

Question 29

Mortgagor

Answer 29

A person or party who mortgages his property to another as security for a loan

Question 30

Mortgagee

Answer 30

A person or party to whom a mortgage is granted

Question 31

Notary Public

Answer 31

An officer, commissioned and holding a seal of office, who is empowered by state law to administer oaths, to witness signature or otherwise certify or attest deeds and other documents.

Question 32

Owner

Answer 32

A person or party who has legal or rightful title to property

Question 33

Paramount Lien

Answer 33

A lien (encumbrance) that is superior to another to which it is being compared.

Question 34

Paramount Title

Answer 34

A title that is superior to another to which it is being compared.

Question 35

Plaintiff

Answer 35

A person or party who begins an action at law; the complaining party in an action

Question 36

Real Property

Answer 36

Land and all appurtenances and improvements that are attached to it. All other property is personal property

Question 37

Receiver

Answer 37

A person appointed by a court to take into his custody, control and management, the property or funds of another pending judicial action concerning them.

Question 38

Redeem

Answer 38

To regain possession of something by paying a price

Question 39

Redemption

Answer 39

The act of a mortgagor reclaiming his property by paying the debt after foreclosure sale; the right of an owner to reclaim his property after a sale for delinquent taxes or other municipal charges

Question 40

Tax Sale

Answer 40

The sale of a property to collect payment of a delinquent tax or other municipal charge

Question 41

Title

Answer 41

The right to or ownership or property

Question 42

Transfer

Answer 42

The act by which a right, title or interest in real or personal property is conveyed from one person or party to another.

Question 43

Vacate

Answer 43

To reverse a completed foreclosure judgment