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
C
CORPOREAL
Of material, tangible nature.
COVENANT
A formal agreement or contract between two parties in which one party gives the other certain promises and assurances, such as covenants of warranty in a warranty deed.
CURTESY
A right which a husband has in his wife’s property at her death. It does not prevail in all states.
D
DEDICATION
The setting aside of certain land by the owner and declaring it to be for some public use, accompanied by the acceptance of such use by the public. Example: Streets, sidewalks, parks.
DEED
An instrument, of various forms, by which title to real estate is conveyed from one party to another.
DEED BOOK
A book among the public records in which deeds are recorded.
DEED RESTRICTION
A restriction contained in a deed which limits the use or occupancy of the real estate or the type, size, purpose and location of improvements to be constructed on it.
DEFAULT
Failure to perform a promised task or to pay an obligation when due.
DEFEASANCE
Making void all rights under a contract or deed. The term has developed from an old French word meaning defeat or destroy.
DEFECT
A blemish, imperfection or deficiency. A defective title is one that is irregular and faulty.
DEFICIENCY JUDGMENT
When property at a mortgage foreclosure sale does not bring enough money to pay the mortgage debt plus costs of foreclosure, the court will enter a deficiency judgment against the mortgage debtor for the difference between the sale price and the mortgage debt plus costs.
DEMISE
(1) Death. (2) To transfer title to property or an interest in property by will or lease.
DEPOSIT AGREEMENT
Sometimes called “Deposit Receipt.” An agreement, used in some areas, prepared by real estate agents and signed by purchaser and seller acknowledging that a sale has been agreed to and that, in order to bind the deal, a certain amount of good faith money has been deposited by the purchaser with the agent or a title company. Such agreements are often as comprehensive, with respect to terms of sale, as regular real estate sales agreements.
DEPRECIATION
Loss in value occasioned by ordinary wear and tear; destructive action of the elements; or functional or economic obsolescence.
