Helpful Mortgage Links - Glossary of Mortgage Terms: G - M
Glossary of Mortgage Terms
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General Index – G.I. - A title insurance company term for the books used to find liens against individuals which may affect real property but which are not recorded against the property being insured such as liens against a buyer.
General Warranty Deed - A deed containing a covenant whereby the seller agrees to protect the buyer against being dispossessed because of any adverse claim against the land.
Gift Deed - A deed for nominal consideration.
GNMA (Ginnie Mae) - Government National Mortgage Association, a government corporation which provides a secondary market for housing mortgages and special assistance to mortgagee financing housing under special FHA mortgage insurance programs.
Government Lots - Irregular shaped parcels of land usually fronting on water which could not practically be divided into sections under government survey.
Government Survey - The survey from which our present system of townships, sections, etc. was developed.
Grant - To transfer an interest in real property either the fee or a lesser interest such as an easement.
Grant Deed - One of many types of Deeds used to transfer real property. Contains warranties against prior conveyances or encumbrances. When title insurance is purchased warranties in a Deed are of little practical significance.
Grantee - One to whom a grant is made, generally the buyer.
Grantor - One who grants property rights.
Guarantee of Title - A guaranty by an abstract company or title company that title is vested as shown on the guarantee. Backed only by the assets or reserves of the guarantor.
Guardian - One appointed by the court to administer the affairs of an individual not capable of administering his own affairs.
Heir - One who might inherit or succeed to an interest in lands under the rules of law applicable where an individual dies without leaving a will.
Heirs and Assigns - Terminology used in deeds and wills to provide that the recipient receives a "fee simple estate" in lands rather than a lesser interest.
Hiatus - A Gap or space unintentionally left between, when attempting to describe adjacent parcels of land.
Holograph or Holographic Will - A will written and executed entirely in the handwriting of the testator.
Homeowners Tax Exemtion - A tax exemption given to property owners that use the property for their primary place of resident.
Homestead - The dwelling (house and contiguous land) of the head of a family. Some states grant statutory exemptions protecting homestead property usually to a set maximum amount against the rights of creditors. Property tax exemptions for all or part of the tax are also available in some states. Statutory requirements to establish a homestead may include a formal declaration to be recorded.
HUD - A summary of the financial portion of the real estate transaction required by the Department of Housing and Urban Development.
Implied Warranties - The warranties inferred and not expressed in a Deed which uses the work "grant" to convey a fee estate.
Improvements - Generally buildings but may include any permanent structure or other development such as a street, utilities, etc.
Indemnify - To secure against hurt, loss or damage to make compensation to for hurt, loss or damage.
Ingress and Egress - A right to enter upon and pass through land.
In Gross - Personal rather than attached to land. An easement in gross has no dominant tenement.
Inheritance Tax - A tax on the transfer of property from a deceased person based on the right to acquire the property rather than the property itself.
In RE - "In the matter of".
Installment Land Sales Contract - See LAND CONTRACT.
Installment Loan - A loan calling for payment of specified amounts or specified minimum amounts at specific intervals.
Institutional Lenders - Banks, savings and loan associations and other businesses other than individuals or companies that make loans infrequently to employees.
Instrument - Any writing having legal form and significance such as a Deed, Mortgage, Will, Lease, etc.
Insurance of Title - Insurance as to whom owns a specified interest in designated real estate, and showing as exceptions to the insured interest the defects. Liens and encumbrances which exist as against that insured interest.
Interest - (1) A share or right in some property.
(2) Money charged for the use of money (principal).
Interlocutory Decree - A provisional or temporary decree pending some contingency before a final decree. Sometimes the contingency may be only the passage of time.
Interlocutory Decree of Dissolution - A temporary decree previous to the final decree of divorce. Not title transfer takes place until the final decree.
Interstate - Without leaving a Will or leaving an invalid Will so that the property of the estate passes by the laws of succession rather than by direction of the deceased.
Involuntary Lien - A lien such as a tax lien, judgment lien, etc., which attaches to property without the consent of the owner rather than a mortgage lien to which the owner agrees.
Joint Tenancy - An interest taken by two or more joint tenants. The interest must be the same, accruing under the same conveyance, beginning at the same time and held under the same undivided right to possession. Upon the death of a joint tenant the interest passes to the surviving joint tenants without passing to the heirs of the deceased.
Judgment Lien - A lien against the real property of a judgment debtor; an involuntary lien.
Judgment or Jedgement - The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.
Judicial Sale - A sale made under court order by one court appointed rather than a voluntary sale by the owner or one appointed by the owner.
Junior Lien - A lien which is subordinate to a prior lien.
Jurat - The certificate of an officer before whom a writing was sworn to such as a notary public. That part of an affidavit stating where, when, and before whom the affidavit was sworn.
Land - A general term which includes the ground and those things of a permanent nature such as trees, crops, oil and minerals in the ground unless specifically excepted.
Land Contract - An installment contract for the sale of land. The seller (vendor) has legal title until paid-in-full. The buyer (vendee) has equitable title during the contract term.
L.C.P. – Limited Coverage Policy - Offered by some title companies as al alternative to full coverage. Does not fully insure title but rather guarantees information.
Lease - An agreement by which an owner of real property (lessor) gives the right of possession to another (lessee) for a specified period of time (term) and for a specified consideration (rent).
Leasehold - An estate in realty held under a lease; an estate for a fixed term. Considered in many states to be personal property.
Legal Description - A method of geographically identifying a parcel of land which is acceptable in a court of law.
Legal Title - Usually title without ownership rights such as the title placed in a trustee under a Deed of Trust or the title in a vendor under a land contract.
Lender's Title Insurance - An insurance policy, which protects the lender against claims, and losses that may arise if the title is unmarketable or defective.
Lessee - The party to whom a lease (the right to possession) is given in return for a consideration (rent).
Lessor - The party (usually the owner) who gives the lease (right-to-possession) in return for a consideration (rent).
Levy - A collection, seizure, assessment, etc., such as a levy (assess and collect) taxes.
Lien - An encumbrance against property for money either voluntary or involuntary. All liens are encumbrances but all encumbrances are not liens.
Life Estate - An estate in real property for the life of a living person. The estate then reverts back to the grantor or on to a third party (remainder man).
Link - In surveying a length of 7.92 inches.
Lis Pendens - A legal notice recorded to show pending litigation relating to real property and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation.
Loan Policy - A title insurance policy insuring a mortgagee or beneficiary under a Deed of Trust against loss caused by invalid title in the borrower or loss or priority of the Mortgage or Deed of Trust.
Lot - Generally, any portion or parcel of real property. Usually refers to a portion of a subdivision.
Lot and Block Description - See RECORDED MAP.
Lot Book - An abstract of title showing all recorded instruments affecting title to a given piece of property.
Lot Split - The sale of a part of a pre-existing parcel of land. Lot splitting is generally regulated by local zoning ordinances.
Majority - The age at which a person is entitled to handle his own affairs.
Marketable Title - Title which can be readily marketed (sold) to a reasonably prudent purchaser aware of the facts and their legal meaning concerning liens and encumbrances.
Market Value - The highest price a willing buyer would pay and a willing seller accept, both being fully informed, and the property exposed for a reasonable period of time. The market value may be different from the price a property can actually be sold for at a given time (market price).
Marshall’s Deed - See SHERIFF'S DEED.
Mechanic’s Lien - A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land and which attaches to the land as well as the improvements.
Merger of Title - A lesser interest in real property being merged (absorbed) into a greater interest. For example, a lessee purchases the property being leased. The interest as a lessee is merged into the interest as an owner thus ending the leasehold interest.
Meridian - A circle or semi-circle around the Earth in a North and South direction always touching or passing through the poles. Used as a guide in surveying being placed twenty-four miles apart and running from a base line.
Mesne Assignment - Assignment from "A" to "B" to "C" to "D" would be described as passing from "A" by "mesne assignments" to "D".
Metes and Bounds - Description of land by boundary lines with their terminal points and angles. Originally, metes referred to distance, bounds to direction. Modernly, the words have no individual meaning of practical significance.
Microfiche - Data source used by title companies to find information about each parcel of real property in that county. Small photograph of records usually referenced by situs address, owner or tax parcel number.
Modification of Deed of Trust - A document that changes a term or terms within the body of the original Deed of Trust.
Mortgage - (1) To hypothecate as security, real property for the payment of a debt. The borrower (mortgagor) retains possession and use of the property.
(2) The instrument by which real estate is hypothecated as security for the re-payment of a loan.
Mortgagee - The party who loans the money and receives the Mortgage.
Mortgagor - The party who borrows the money and gives the Mortgage.
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