The title industry has its own language. Many of its words and idioms are derived from the language of the law while others are common words given special meaning related to land titles. There are also words and phrases coined over the years by the title industry itself.
Glossary
N
NEGOTIABLE
Capable of being legally transferred by endorsement from one person to another, such endorsement carrying with it, without written provisions, implications of certain contractual obligations.
NET LISTING
The listing, with a broker, of real estate for sale for a specified price, net to the seller, exclusive of commission and closing costs.
NOTE
See Promissory Note.
O
OFFICIAL RECORD BOOK
One of a set of books in the public records in which is recorded all papers filed for record. Such books supplant deed books and mortgage books.
OPINION
In title industry parlance, referred to as title opinion. The conclusion and judgement of a skilled person as to the status of a title, based upon a title examination.
OWNER’S POLICY
A policy of title insurance usually insuring an owner of real estate against loss occasioned by defects in, liens against, or unmarketability of the owner’s title.
P
PAROL
Orally, by word of mouth. For example, if a landowner gives another verbal permission to gather firewood from such land, or permission to hunt game thereon, such verbal permission would be called a parol license. Also, a witness who testifies by word of mouth in court is said to give parol testimony as contrasted to written evidence which may be introduced in the case, such as original deeds, wills, correspondence, or other documents.
PAROL GIFT
A gift made orally, by word of mouth as contrasted to one made in writing.
PARTITION
In title industry parlance, a lawsuit between joint owners of real estate in which the court either divides the property between them or orders the property sold and divides the proceeds between them.
PARTY WALL
A wall built along the boundary line of adjoining properties and shared by the respective property owners or tenants.
PERCENTAGE LEASE
A lease of property in which the rental is based upon the volume of sales made by the lessee on the leased property.
PERIMETER
(1) The boundary lines enclosing a tract of land. (2) The length of the boundary lines enclosing a tract of land.
PERSONAL PROPERTY
Temporary or movable property as distinguished from real estate.
PERSONALTY
Personal property.
