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
P
PLAT BOOK
One in a set of books in the public records in which maps, plats, and copies of surveys are recorded.
POLICE POWER
The inherent authority of a government to impose restrictions upon private property or private rights for the sake of public welfare, order, and security.
POLICY
See Owner’s Policy and Mortgagee Policy.
Q
QUIT CLAIM DEED
A deed which does not imply that the grantor holds title, but which surrenders and gives to the grantee any possible interest or rights which the grantor may have in the property.
R
RATE
This term, when used in the title industry, usually refers to the rate for title insurance. In this sense it means the cost per dollar unit of title insurance. For example, the rate for a ten thousand dollar title insurance policy is (so many) dollars. A rate schedule is the respective costs of dollar units of title insurance listed on an ascending scale.
REAL ESTATE
Land, including all inherent natural attributes and any man made improvements of a permanent nature placed thereon.
REAL PROPERTY
See Real Estate.
REALTOR
A copyrighted trade name which can be legally used only by those persons belonging to the
REALTOR
A copyrighted trade name which can be legally used only by those persons belonging to the National Association of Real Estate Boards. REALTY Another name for real estate.
RECORD TITLE
The aspects of a title which appear in the public records as distinguished from unrecorded title aspects and interests. REDEMPTION See Equity or Redemption.
RECORD TITLE
The aspects of a title which appear in the public records as distinguished from unrecorded title aspects and interests.
RECORDING
The act of a recorder of receiving and transcribing, in a book or on film of the public records, instruments affecting the title to real estate.
RECORDS
See Public Records.
REDEMPTION
See Equity or Redemption.
