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
R
REINSURANCE
Insurance insuring an insurer. When an insurance company has issued a policy and does not want to be fully exposed to loss for the full amount of the policy, such company may purchase a reinsurance policy from another insurance company to insure that first company against a part or all of the loss which the first company may have to pay under its policy.
RELEASE
(1) To relieve from debt or security or abandon a right, such as the release of a mortgage lien from a part or all of the land mortgaged. (2) The instrument affecting a release.
RELEASE OF DOWER
(1) The deed or other instrument by which a wife releases her inchoate dower rights in land. (2) The act of releasing dower.
RELEASE OF LIEN
(1) The instrument by which a lien is released from the real estate which it encumbers. (2) The act of releasing a lien.
REMAINDER
An estate or interest in land which comes into being upon the termination of an existing estate or interest. When a grantor conveys a life estate to “A” with remainder to “B”, it means that “A” has a part of the absolute title and “B” has the remainder. Also, that “A” will own the property during his natural life, but at his death, instead of the property going to “A’s” heirs or devisees, it goes to “B”.
RESTRICTIONS
Often called restrictive covenants. Provisions in a deed or other instrument whereby an owner of land prohibits or restricts certain use, occupation, and improvement of the land.
S
SERVITUDE
A right or interest in a piece of real estate, which right or interest serves or benefits another unrelated property. For example, an easement across one piece of property which serves another piece of property is said to constitute a servitude regarding the property upon which it is located.
SET ASIDE
To declare invalid or void; to annul. For example, a court may set aside an erroneous judgment or decree.
SETBACK LINE
(See Building Line.)
SETTLEMENT
(See Closing.)
SKY LEASE
A lease of air space above a piece of land. The ownership of land extends down to the center of the earth and up to the sky. Space above the land can, therefore, be leased or sold. Cantilever or bridge type buildings which do not depend on the lessor’s land for support may be built in such air space.
SOVEREIGNTY
Supreme political power or authority.
SPECIAL ASSESSMENT
(See Improvement Liens.)
SPECIAL WARRANTY DEED
A deed which warrants the title only with respect to acts of the grantor and the interests of anyone claiming by, through, or under him.
