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
E
EXCEPTION
In title industry parlance, a provision in a title insurance binder or policy which excludes liability regarding a specified title defect or an outstanding lien or encumbrance.
EXECUTE
(1) To create and make valid a real estate instrument. A deed is said to be executed when it is signed, sealed, witnessed and delivered. (2) To perform or do whatever is required.
EXECUTION
The act of executing. (See Execute.)
EXECUTOR
A person named in a will to carry out its provisions.
F
FALSE PERSONATION
The act of a person who falsely and fraudulently claims to be another person.
FALSIFICATION
The forging, altering, or counterfeiting of a document, or knowingly making untruthful statements or misrepresentations.
FEE SIMPLE
The highest degree of ownership which a person can have in real estate. An interest in real estate which gives the owner unqualified ownership and full power of disposition.
FEUDAL SYSTEM
A political and economic system which prevailed in Europe based upon the relation of overlord to vassal. The feudal lord held paramount title to the land. The interest in land acquired by vassals was impermanent, and title always reverted to the lord upon the vassal’s death.
FIDUCIARY
A person who bears a special relationship of trust, confidence, and responsibility to others, such as a trustee or agent.
FILING
In title industry parlance, this term relates to the delivery of real estate instruments to a recorder for recordings.
FIRST MORTGAGE
A mortgage having priority as a lien over any other mortgage or lien on the same property.
FIXTURE
Personal property which is permanently attached to real estate such as plumbing fixtures. So long as a fixture is permanently attached, it is usually regarded as part of the real estate.
FORECLOSURE
A legal proceeding for the collection of real estate mortgages and other types of liens on real estate, which results in cutting off the right to redeem the mortgaged property and usually involves a judicial sale of the property to pay the mortgage debt.
FORESHORE
Land between the low water mark and high water mark, covered and uncovered by the ebb and flow of the tide.
