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Abstract of Judgment : |
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A
summary of the essential provisions of a court
judgment, which when recorded in the county recorder's
office, creates a lien upon the property of the
defendant in that county, both presently owned
or after acquired. |
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Acceleration Clause : |
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This
clause in a note and trust deed permits the payee
or beneficiary to declare the entire unpaid balance
immediately due and payable when a given condition
occurs. Such a condition can be the sale of the
land. This clause is sometimes called an "alienation
clause." |
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Accommodator (Intermediary) : |
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A
party to an IRC s1031 exchange transaction who,
pursuant to an Exchange Agreement, acquires relinquished
property, holds money from the sale of the relinquished
property, acquires replacement property, and then
transfers the replacement property to the Exchanger.
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Ad Valorem : |
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Literally,
"according to value." This term is usually
used in reference to real property taxes which
are assessed according to value, i.e., ad valorem.
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Agency : |
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Any
relationship in which one party (agent) acts for
or represents another (principal) under the authority
of the later. Agency involving real property should
be in writing, such as listings, trusts, powers
of attorney, etc. |
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All Inclusive Trust Deed (Aitd / Wrap - Around)
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A
junior Deed of Trust securing a promissory note,
the face amount of which is the sum of the liability
secured by prior Trust Deeds plus the cash or
equity advanced by the AITD lender. |
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Amortization : |
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Provision
for the payment of a debt as to both prinipal
and interest in equal installments over a period
of time. |
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Appraisal : |
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An
opinion as to the fair market value of land and
the improvements on it. |
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Assessed Value : |
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The
value placed on land and improvement as a basis
for taxation. In California this is usually accomplished
by the county assessor's office. And the assessed
values for real estate taxes are usually one quarter
of market value. |
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Assessments : |
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Special
and local levies upon property in the immediate
vicinity of an improvement. Assessments can be imposed
by such entities as flood control districts, street
lighting districts and air pollution control districts
which serve an area. |
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Assignee : |
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One
to whom a transfer of interest is made. For example,
the assignee of a Deed of Trust or contract. |
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Assignment : |
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The
transfer, in writing, of a person's interest to
another person or entity in an asset, such as
an assignment of stock, a Deed of Trust and note
or a lease. |
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Assignor : |
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One
who makes an assignment. For example, the assignor
of a Deed of Trust or contract. |
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Assumption : |
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An
agreement by one party to pay an obligation previously
owned by another. For example, the assumption
of an existing Trust Deed by a new owner may occur
when property is sold. |
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Attorney in Fact : |
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One
who holds a power of attorney from another allowing
him to act on behalf of the grantor of the power. |
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Beneficiary : |
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In
a Trust Deed, the lender is designated as the
beneficiary. He obtains the benefit of the security.
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| Beneficiary's
Statement : |
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A
report from the lender, usually in writing, setting
forth the terms and conditions of a loan already
of record, such as amounts still owed, interest
rate, monthly payments, etc. |
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| Bill
of Sale : |
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A
document that attests to the transfer of ownership
of personal property.
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| Borrower
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One
who obtains a loan and owes money to a lender.
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| Buyer
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One
who purchases or acquires property. . |
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| Collection
Service : |
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A
service performed by a neutral third party in
receiving and disbursing loan payment as instructed
by the parties concerned. |
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Condemnation : |
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The
exercise of the power of eminent domain by which
property is taken for a public use upon payment
of just compensation. Condemnation can also refer
to the condemning of unsafe structures.
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| Condominium
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A
multifamily or other structure in which individual
units are individually owned and in which owners
of individual units also own an undivided interest
in common areas. |
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| Contingent
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Dependent
upon conditions or events specified but not yet
accomplished. Property may be sold contingent
upon the seller or buyer meeting a predetermined
condition. |
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| Conveyance
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A
written document that transfers title to an asset
form one person to another. A deed and am assigment
are both conveyances, as is a bill of sale. |
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| Country
Assessor : |
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One
who sets value of property for taxation purposes. |
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| Deed
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A
written document which conveys ownership of land
from one person to another. |
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| Deed
of Trust : |
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A
document executed by the owner of land by which
the land is given as security for the payment
of a note or other performance of an obligation.
In California and some other states the Deed of
Trust is usually used in place of a mortgage.
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| Default
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Failure
to perform a duty or to pay an obligation. |
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| Defect
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A
blemish, imperfection or deficiency. A defective
title is one that is irregular and faulty. |
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| Deficiency
Judgment : |
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A
personal judgment in a judicial foreclosure action
for the remaining amount due after a sale of the
security. |
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| Demand
/ Beneficiary's Demand : |
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A
statement from a lender showing the amount due
on a loan to be paid. |
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| Deposit
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Money
givenby the buyer with an offer to purchase. Shows
good faith. Also called Earnest Money. |
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| Disclosure
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In
real estate, revealing all the known facts which
may affect the decision of a buyer or tenant.
A broker must disclose known defects in the property
for sale or lease. A builder must give to a potential
buyer the facts of his new development (are there
adequate school facilities?; an airport nearby?;
etc.). A broker cannot charge a commission to
buyer and seller unless both know (disclosure)
and agree.
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