Deeds
This type of deed provides the greatest protection to the buyer, ensuring the grantor holds a clear title to the property.
What is a Warranty Deed?
This legal document transfers a lender's interest in a mortgage to another party, such as a new lender or investor.
What is an Assignment?
This Latin term, meaning 'pending lawsuit,' often signals that a property may be going into foreclosure.
What is Lis Pendens?
This type of easement grants an individual or entity the right to enter and exit the property.
What is Ingress and Egress?
A legal term, this defect occurs when a title chain is interrupted, such as when an owner in the past did not transfer the property properly.
What is a Break in the Chain of Title?
This type of deed offers the least protection, providing no warranties about the quality of title, and is a common way to to convey interest between family members.
What is a Quitclaim Deed?
This system was created to streamline the process of recording mortgage documents and allows lenders to track changes in mortgage ownership.
What is Mortgage Electronic Registration System (MERS)?
This is the time period during which the IRS can collect a federal tax lien after it has been filed.
What is 10 years?
This type of easement allows companies to access and maintain their infrastructure, such as power lines or water pipes, across private property.
What is a Utility Easement?
Effective for 60 days, this document serves as a "placeholder" signaling a transfer of property is about to take place.
What is a Notice of Settlement?
A deed can be executed by a representative under this legal authority when the grantor is unable to sign.
What is Power of Attorney?
Sometimes called a postponement, this document changes the priority from one mortgage to another.
What is a Subordination?
This document is issued when a property is auctioned to recover unpaid property taxes.
What is a Certificate of Tax Sale?
This type of restriction prevents a homeowner from building too close to the property's boundary.
What is a Setback?
What is Letters Testamentary?
This type of deed records all individual condominium units and common areas within a development.
What is a Master Deed?
Sometimes called a postponement, this document changes the terms of a mortgage.
What is a Modification?
This filing serves as a public notice that the creditor/lender has secured interest in the borrower's/debtor's property and/or assets used as collateral for the loan.
What is Uniform Commercial Code (UCC) financing statement?
This term refers to a situation where a property owner’s structure, such as a fence or building, extends beyond their property line and into a neighboring property
What is an Encroachment?
In this type of property ownership, a tenant has the right to occupy and use the property without actually owning the land it is built on.
What is a leasehold property?
Often used in foreclosures, this deed transfers only the interest held by the grantor.
What is a Sheriff's Deed?
This type of mortgage allows the borrower to access additional funds up to a certain limit, based on the equity in their property, without having to refinance.
What is Open-Ended?
This type of lien is filed by contractors or suppliers who have not been paid for work performed or materials provided in relation to a property.
What is a Mechanic's Lien?
When a property is subdivided, existing easements may still apply, creating this type of relationship between the parcels.
What is a Cross-Easement?
In this type of ownership, individuals buy shares of the organization that owns the building, instead of owning their units as real property.
What is a Co-Op?