S

Sale and Lease Back - A situation in which the grantor in a deed to a parcel of property sells it and retains possession by simultaneously leasing it from the grantee.

Search - In title industry parlance, a careful exploration and examination of the public records in an effort to find all recorded instruments relating to a particular chain of title.

Seller - One who sells real estate.

Separate Property - Real property owned by one spouse exclusive of any interest of the other spouse.

Squatter - One who settles upon unoccupied land without legal claim or authority.

Starter (movable) - A copy of the last policy or report issued by a title insurer which described the title to land upon which a new search is to be made. In some states, this is called a back title letter or back title certificate.

Street Improvement Bonds - Interest-bearing bonds issued, usually by a city or county, to secure the payment of assessments levied against land to pay for street improvements. The property owner may pay off the particular assessment against the property, or may allow the assessment to "go to bond" and pay installments of principal and interest over a period of years, usually at the city or county treasurer's office. The holder of a bond received payments from these offices.

Subdivision - An area of land laid out and divided into lots, blocks, and building sites, and in which public facilities are laid out, such as streets, alleys, parks, and easements for public utilities.

Subordination Agreement - An agreement by which one encumbrance (for example, a mortgage) is made subject to another encumbrance (for example, a mortgage) is made subject to another encumbrance (perhaps a lease). To "subordinate" is to "make subject to," or to make of lower priority.

Surface Rights - Rights to enter upon and use the surface of a parcel of land, usually in connection with an oil and gas lease or other mineral lease. They may be "implied" by the language of the lease (no explicit reservation or exception of the surface rights) or "explicitly" set forth.

Survey - The measurement by a surveyor of real property which delineates the boundaries of a parcel of land. An ALTA survey additionally delineates the exact location of all improvements, encroachments, easements and other matters affecting the title to the property in question. A title insurance company may require a survey whenever the company is requested to issue an ALTA Extended Coverage Policy.

T

Tax Deed - A deed executed by the tax collector to the state, county or city when no redemption is made from a tax sale.

Tax Sale - Property on which current county taxes have not been paid is "sold to the state." No actual sale takes place - the title is transferred to the state and the owner may redeem it by paying taxes, penalties and costs.
If it has not been redeemed within five years, the property (referred to as "tax sold property") is actually deeded to the state. (Similar "sales" to cities take place for unpaid city taxes.)

Tenancy by the Entirety - A form of ownership by husband and wife whereby each owns the entire property. In the event of the death of one, the survivor owns the property without probate.

Tenant at Will - One who holds possession of premises by permission of the owner or landlord, but without agreement for a fixed term of possession.

Testate - Leaving a legally valid will at death. See Intestate.

Title - (1) A combination of all the elements that constitute a legal right to own, possess, use, control, enjoy and dispose of real estate or a right or interest therein. (2) The rights of ownership recognized and protected by the law.

Title Insurance - Insured statement of the condition of title or ownership of real property. For a one-time-only premium, the named insured and their heirs are protected against title defects, liens and encumbrances existing as of the date of the policy and not specifically excluded from it. In the event of a claim, the Title Company provides legal defense from the policyholder and pays any covered losses incurred as a result of such claim.

Title Plants - A filing of all recorded information to real property, paralleling the records of the county recorder's office, although the filing system may be different.

Title Report - See Preliminary Report.

Title Search - A review of all recorded documents affecting a specific parcel of land to determine the present condition of title. An experienced title officer or attorney reviews and analyzes all material relating to the search, then determines the sufficiency and status of title for insurance of a title insurance policy.

Trustee - See Deed of Trust.

Trustor - See Deed of Trust.

U

Underwritten Company - A title firm which conducts title searches but is not qualified to insure, and therefore issues policies of a qualified title insurer (underwriter) in return for a portion of the premium.

V

Variable Interest Rate - An interest rate that fluctuates with the current cost of money; subject to adjustment if the prevailing rate moves up or down.

Vendee - See Agreement of Sale.

Vendor - See Agreement of Sale.

Vendor's Lien - An implied lien given by law to a vendor for the remaining unpaid and unsecured part of a purchase price.

W

Warrant - To legally assure that the title conveyed is good and possession will be undisturbed.

Warranty Deed - A deed used in many states to convey fee title to real property.

Will - A written expression of the desire of a person as to the disposition of that person's property after death. Must follow certain procedures to be valid.

Z

Zoning - The division of a city or a county by legislative regulations into areas (zones), specifying the uses allowable for the real property in these areas.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z