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PROJECT 1602
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GLOSSARY OF TERMS
Abstract of Title:
A written history, synopsis or summary of the recorded instruments affecting the
title to real property.
Acknowledgment:
The process of establishing the fact that each signature
on an instrument is genuine. In most cases, the signatures on documents must be
authenticated or acknowledged before the recorder may accept them. An
acknowledgment is a type of authentication often performed by a notary public.
Appurtenance:
Anything so annexed to land or used with it that will pass
with the conveyance of the land.
Assessment:
The imposition of a tax, charge or levy, usually according to established rates.
Assignee:
One to whom a transfer of interest is made.
Assignment:
The transfer in writing of interest in a bond, mortgage, lease, or other
instrument.
Assumption of Mortgage:
Acquiring title to property on which there is an
existing mortgage and agreeing to be personally liable for the terms and
conditions of the mortgage, including payments.
Authentication:
The process of establishing the fact that each signature on an instrument is
genuine. In most cases, the signatures on documents must be authenticated or
acknowledged before the recorder may accept them.
Certified Copy:
A copy of a document that is certified by the official records authority who has
affixed his/her certification and seal to the copy.
Chain of Title:
The succession of conveyances, from some accepted starting point, whereby the
present holder of real property derives his or her title.
Chattel:
Moveable items considered to be personal property and not
real property.
Cloud on the Title:
Any document, claim, unreleased lien, or encumbrance that may impair the title
to real property or make the title doubtful, usually revealed by a title search
and removed by either a quit claim deed or suit to quiet title.
Condemnation:
A judicial or administrative proceeding to exercise the power of eminent domain,
through which a government agency takes private property for public use and
compensates the owner.
Condition:
A provision in a deed that upon the happening or failure to happen, the deed
will be limited, enlarged, changed or terminated.
Conditions and Restrictions:
A common term used to designate the uses to which land may not be used and
providing penalties for failure to comply. Commonly used by land subdividers on
newly platted areas.
Condominium:
The absolute ownership of an apartment or a unit (generally in a multi-unit
building) based on a legal description of the airspace the unit actually
occupies, plus an undivided interest in the ownership of the common elements,
which are owned jointly with the other condominium unit owners.
Consideration:
That which is received by the grantor in exchange for his or her deed.
Contract:
An agreement to sell and purchase under which title is withheld from the
purchaser until such time as the required payments to the seller have been
completed.
Contract for Deed:
Agreement between buyer and seller of real property, setting forth the price and
terms of the sale. Note that such an instrument is not a deed, merely an
agreement to create a deed in the future. A deed, not a contract for deed, is
required to convey an interest in property.
Covenant:
A written agreement between two or more parties.
Conveyance:
A written instrument which evidences a transaction in which any interest in land
is created, alienated, mortgaged, assigned or "otherwise affected in law or in
equity."
Dedication:
The voluntary transfer, or transfer as a condition of subdivision approval, of
private property by its owner to the public for some public use, such as for
streets or park land.
Deed:
A written instrument by which the ownership of land is transferred from one
person to another.
Deed of Trust:
An instrument used as a mortgage. Property is transferred to a trustee by the
borrower in favor of the lender, and reconveyed upon payment in full.
Deed Restrictions:
Clauses in a deed limiting the future uses of the property.
Document:
Any written instrument meeting all statutory requirements which may be recorded
or filed with the Recorder of Deeds; the image or original document is stored
and accessible through various indexes by the general public unless the document
is confidential.
Document Copy:
An exact reproduction of a document.
Easement:
A right to use the land of another for a specific purpose, such as for a
right-of-way or utilities; an incorporeal interest in land. An easement
appurtenant passes with the land when conveyed.
Encumbrance:
Any lien such as a mortgage, tax, or judgment lien; an easement; a restriction
on the use of the land that may diminish the value of the property.
Equitable Title:
The interest held by a vendee under a land contract; the equitable right to
obtain absolute ownership to property when legal title is held in anotheršs
name.
Escrow:
A procedure by which a disinterested third party handles legal documents and
funds on behalf of a seller and buyer.
Execution:
The signing and delivery of an instrument. Also, a legal order directing an
official to enforce a judgment against the property of a debtor.
Fee Simple Estate:
The maximum possible estate or right of ownership of property, continuing
forever.
File:
To place on file within the office of the Department of Records (Recorder of
Deeds) documents which are accepted by the recorder and are time-stamped,
assigned a unique document number and indexed.
Financing Statement:
An instrument filed with the Recorder of Deeds in order to give notice of a
security agreement regarding personal property. Fixtures and personal property
related to a business may affect interest in real estate associated with the
business. See also, Uniform Commercial Code.
Foreclosure:
A legal procedure whereby property used as security for a debt is sold to
satisfy the debt in the event of default in payment of the mortgage. The
foreclosure procedure brings the rights of all parties to a conclusion and
passes the title of the mortgaged property to either the holder of the mortgage
or a third party who may purchase the realty at the foreclosure sale.
Filing:
To record an original instrument in the Department of Records.
Grantee:
A person who receives a conveyance of real property from the grantor. More
generally, one to whom a grant is made; often, a buyer of property.
Granting Clause:
Words in a deed of conveyance that state the grantoršs intention to convey the
property at the present time.
Grantor:
The person transferring title to or an interest in real property to a grantee.
More generally, one who grants property or property rights.
Improvement:
An improvement on land is any structure, usually privately owned, erected on a
site to enhance the value of the property. An improvement to land is usually a
publicly owned structure, such as a curb sidewalk, street or sewer.
Indexing:
To provide a system for all recorded and filed documents which indicates where
they can be found.
Instrument:
A legal document which effects some change in rights and interests; often
related to real estate. Many different types of instruments are recorded daily
in the office of the Department of Records.
Joint Tenancy:
Ownership of real estate between two or more parties named in one conveyance as
joint tenants. Upon the death of a joint tenant, his or her interest passes to
the surviving joint tenant or tenants by the right of survivorship.
Judgment:
The formal decision of a court upon the respective rights and claims of the
parties to an action or suit. In practice, this is the lien or charge upon the
lands of a debtor resulting from the Courtšs award of money to a creditor.
Judgment Lien:
The charge upon the lands of a debtor resulting from the decree of a court
properly entered in the judgment docket.
Landmark:
Any conspicuous object that helps establish land boundaries.
Lease:
A grant of the use of lands for a term of years in
consideration of the payment of a monthly or annual rental fee.
Legal Description:
A description of a specific parcel of real estate complete enough for an
independent surveyor to locate and identify it. The description is by
subdivision name, lot and block in a platted subdivision, by certified survey
map and lot number, or in unplatted lands, it is identified according to the
township, section, range associated with the Public Land Survey System or
Private Claims or Government Lots.
Lessee:
One who takes land upon a lease.
Lessor:
One who grants land under a lease.
Lien:
A hold, a claim or a charge allowed a creditor upon the lands of debtor. Some
examples are mortgage liens, judgment liens, and mechanics liens.
Life Estate: A grant or reservation of the right of
use, occupancy and ownership for the life of an individual.
Lis Pendens:
A notice recorded in the official records of a county to indicate that an action
affecting a particular property has been filed in either a state or a federal
court.
Lot:
A measured parcel of land having fixed boundaries.
Marketable Title:
Good or clear title, reasonably free from the risk of litigation over possible
defects.
Mechanic's Lien:
A lien allowed by statute to contractors, laborers and material-men on
buildings, or other structures upon which work has been performed or materials
supplied.
Metes and Bounds:
A description of land by courses and distances.
Monument:
A fixed natural or artificial object used to establish real estate boundaries
for a metes-and-bounds description.
Mortgage:
A pledge of real estate as security for the payment of a debt. Also, the
document creating a mortgage lien.
Mortgagee:
A lender in a mortgage loan transaction. The mortgagee receives the mortgage
document and keeps it until the loan is satisfied.
Mortgagor:
A borrower who uses his or her property as security for a loan.
Notary:
One authorized to attest deeds and other documents.
Ownership:
The right to possess and use property to the exclusion of others.
Patent:
A document issued for the purpose of granting public lands
to an individual.
Plat:
A map representing a piece of land subdivided into lots indicating the location
and boundaries of individual properties.
Power of Attorney:
A written instrument authorizing a person to act as agent on behalf of another
person to the extent indicated in the instrument.
Priority of Liens:
The priority of liens is determined by the chronological order in which the lien
documents are recorded, except for tax liens which have priority even over
previously recorded Liens.
Probate:
A legal process by which a court determines who will inherit a decedentšs
property and what the estatešs assets are.
Quiet Title:
An action in District Court to remove record defects.
Quit Claim Deed:
A conveyance by which the grantor transfers whatever interest he or she has in
the real estate, without warranties or obligations.
Range:
A strip of land six miles wide, extending north and south, and numbered east and
west according to its distance from the principal meridian in the Public Land
Survey System.
Real Estate:
Land, including all things permanently attached thereto, whether by nature or by
a person; any and every interest in land.
Real Property:
Land and that which is affixed to it, as well as the interests, benefits, and
rights inherent in real estate ownership.
Recording:
The act of entering or recording documents affecting or conveying interests in
real estate in the office of the Department of Records. Documents are recorded
to protect the interests of persons involved and to provide constructive notice
of rights and interests in land. Documents accepted for recording are time
stamped, receive a unique document number, are indexed, the image is captured
and the original document is sent back to the returnee.
Restriction: A limitation on the use of real property,
generally originated by the owner or subdivider in a deed. Also termed a deed
restriction.
Right of Way:
The right which one has to pass across the lands of another. An easement.
Satisfaction:
A document acknowledging the payment of a debt, such as a satisfaction of a
mortgage.
Section:
A portion of a township that is approximately one mile by one mile and 640
acres. A township is divided into 36 sections.
Subdivision:
A tract of land divided by the owner, known as the subdivider, into blocks,
building lots, and streets according to a recorded subdivision plat, which must
comply with state regulations and the local subdivision ordinance.
Subscribe:
To sign or write one's signature.
Survey:
The process by which boundaries are measured and land areas are determined;
usually performed by a land surveyor.
Tenant:
Any person in possession of real property with the owner's permission.
Tenants in Common:
A form of co-ownership by which each owner holds an undivided interest in real
property as if he or she were sole owner. Each individual owner has the right to
ask for partition. Unlike joint tenants, tenants in common have right of
inheritance.
Title:
The right to or ownership of land or the evidence of ownership of land.
Title Insurance:
A policy insuring the owner against loss by reason of defects in the title to a
parcel of real estate, other than encumbrances, defects, and matters
specifically excluded by the policy.
Township:
The principal unit of the Public Land Survey System. A township is square with
approximately six mile sides and an area of 36 square miles.
Uniform Commercial Code:
A codification of commercial law, adopted in most states, that attempts to make
uniform all laws relating to commercial transactions, including chattel
mortgages and bulk transfers. Security interests in chattels are created by an
instrument known as a security agreement. To give notice of the security
interest, a financing statement must be recorded.
Vendee:
A buyer; often in a land contract.
Vendor:
A seller; often in a land contract.
Warranty Deed:
A deed in which the grantor fully warrants good clear title to the property.
Used in most real estate deed transfers, a warranty deed offers the greatest
protection of any deed.
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Contact Information
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Telephone
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505-927-2219
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FAX
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505-367-3360
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Postal address
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PO Box 429
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Espanola, NM 87532
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Electronic mail
Sales paul at
sanco-bg.com
Web Master
webmaster at sanco-bg.com
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