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Abstract of Title: The accumulation
of recorded documents relating to a piece or
parcel of land from which an attorney will
give an opinion of the status of the title.
This is required in the state of Oklahoma as
a prerequisite to title insurance.
Ad Valorem: "According to value". A
method of taxation that uses the value of
the taxed item to determine the amount of
the tax. In Oklahoma, an Ad Valorem tax is
the same as property tax.
A.L.T.A.(American Land Title
Association): An organization composed
of title insurance companies that decides
the standards in the title insurance
industry.
Appraisal: An opinion of value based
on a factual analysis of property.
Assignment: A transfer of real or
personal property and all rights to said
property to another.
Assumption of Mortgage: Agreement by
a buyer to assume an existing mortgage or
deed of trust. |
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B
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Broker: One who may carry on the
business of dealing in real estate via
license by the state.
Builder: A constructor of commercial
buildings and individual homes.
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C
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Chattel: Personal property.
Closing: The final method in which
documents are signed and recorded, and the
sale is completed.
Commercial Property: Property that is
zoned for business use.
Commitment: The written report of the
title company showing status of title and
pledging to issue a title insurance policy
when the requirements shown therein are met.
County: A political division within a
state, usually encompassing one or more
cities or towns. A city may be in more than
one county. Oklahoma has 77 such counties.
County Clerk: In Oklahoma, this is
the office where all real estate documents
are filed. Any documents filed in the
Clerk's office must have a check for the
appropriate filing fees attached. See
schedule for appropriate fees.
Courtesy Filing: The filing of
documents as a courtesy to the customer,
when no closing has been done by the
company. |
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D
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Deed: An instrument that conveys
title from one party to another.
Documentary Stamp: Stamped on a
Warranty Deed or Quit Claim Deed, a tax
stamp shows the amount of revenue. Revenue
is based on the sale amount, so it is
necessary to either put the sale amount on
the face of the document, or supply an
affidavit showing the sale amount. |
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E
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Easement: A recorded right of use
affecting real property. An easement could
be for utility purposes or for ingress or
egress, for example. All easements of record
would be shown originally on the title
insurance commitment.
Encumbrance: A liability, claim or
lien attached to, and therefore binding,
upon real property.
Escrow: Delivery of all necessary
sale instruments, including funds.
Executor: The person chosen in the
will to carry out, or execute, the will's
terms, now often called the Personal
Representative. |
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F
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Federal Tax Lien: Nonpayment of any
federal tax, including income tax, can
result in a Federal Tax Lien being attached
to taxpayer's property.
Final Decree: A decree documenting
the final decision of all pending matters in
a case before a court.
Foreclosure: The selling of a
property in order to satisfy a lien against
it, ending all rights, interests, or title
of owners. |
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G
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Gap: The common title industry name
for the period from the effective date on
the commitment to the day of closing and
recording of documents. A "Gap Check" is the
title company's search of the public records
for this time period.
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H
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Heir: One who receives the estate, or
partial estate, of a deceased person by law.
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I
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Indemnity Agreement: Agreement
stating that Party A will reimburse Party B
for any possible damage or loss suffered by
Party B.
Instrument: Legal documents, such as
deeds, mortgages, assignments, wills, etc.,
are also known as instruments. |
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J
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Joint Tenancy: The undivided equal
owner interests with right of survivorship
in a property held by two or more parties.
Judgment: The final decision in a
court of law. |
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K
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No terms listed.
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L
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Legal Description: The description of
a parcel of land, identifiable by metes and
bounds, or designated as a Lot and/or Block
number.
Lien: An encumbrance for money
against property.
Lis Pendens: In Oklahoma, this term
is for a notice filed against real property
that gives public notice that litigation has
been filed that affects or involves the real
property shown therein.
Living Trust: A form of trust created
by individuals that generally exists for the
life of the trust according to the terms of
the trust agreement that created it.
Lot: Referring to any parcel of land. |
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M
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Marketable Title: Title that may be
sold to a buyer, knowledgeable of the facts
and their legal meaning as to liens and
encumbrances.
Metes and Bounds: Description of land
by exact distance and direction.
Mortgage: Legal document showing a
lien upon real property in exchange for
money.
Mortgagee: The party lending the
money.
Mortgagee Policy: Title insurance
policy insuring the mortgagee against loss
caused by title defects.
Mortgage Broker: One who may carry on
the business of dealing in real estate loans
via license by the state.
Mortgagor: The party borrowing the
money.
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N
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Notary Public: A person legally
empowered to witness or certify the validity
of signatures on documents. |
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O
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Ownership: Rights of ownership
include use and enjoyment of property,
excluding others.
Owner's Policy: Title insurance that
covers the property holder.
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P
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Partial Release: A partial release of
property covered by a mortgage.
Payoff: Full payment of an existing
loan.
Plat Book: A book that contains plat
maps and numbers for a designated area.
Plat Map: A map of a subdivision,
showing the division of a parcel of land
into lots.
Point of Beginning: Used in metes and
bounds descriptions to show where the
property begins.
Power of Attorney: Enables one person
to act for another.
Probate: The legal term for the
process of administering a deceased person's
estate or property through the state courts.
General probate procedure is found in Title
58 of the Oklahoma statutes.
Public Land: Land that belongs to the
federal government. |
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Q
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Quiet Title: Court action
establishing ownership to real property,
removing any cloud on the title.
Quit Claim Deed: A deed passing any
interest, claim or title the grantor may
have in the property to the grantee, without
warranty of defects in title. |
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Recorder's Office: In Oklahoma, this
is the County Clerk's office. For further
definition, see County Clerk.
Recording: This is the act of filing
all documents that affect property for
public record for the use of future
reference and public notices.
Release: A document releasing
property from lien or judgement.
Re-recording: If an error occurred on
the original recorded document and is in
need of correction, the corrected document
must be re-recorded with the County Clerk's
office to show the correction.
Rescind: To cancel a transaction or
agreement is to "rescind" it. In title
terms, it most often refers to the right of
rescission given individuals to cancel home
loans when refinancing.
Restriction: As to title, this would
mean any limitation on the right of use of a
property. A restriction could be created by
deed, covenants, or court order.
Right of Way: A strip of land used
for roadway or easement purposes.
Revenue Stamps: In Oklahoma, this is
known as Documentary Stamps. For further
definition, see Documentary Stamps. |
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Second Mortgage: A mortgage that
ranks behind the first mortgage in lien
priority due to its later filing of record.
Sheriff's Deed: In Oklahoma, this
means the final step in the official
foreclosure of property. This type of deed
would be filed after the public sale and
court confirmation thereof.
Survey: The measurement of the
boundaries of a parcel of land. |
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Tax Exemption: Not having to pay
property tax or other taxes, granted to
religious, educational and governmental
organizations.
Tax Lien: Lien against property for
nonpayment of taxes.
Tax Roll: A list of descriptions of
parcels of property, their owners and tax
information, kept by the County Treasurer.
Termination of Joint Tenancy: A
document that ends a joint tenancy, filed
when one of the tenants dies. Must be
accompanied by the original death
certificate.
Title: Evidence of ownership of land.
Title Insurance: Generally, the form
of insurance that guarantees title to a real
property against claims that may arise
related to matters occurring prior to the
effective date of the policy.
Title Plant: An Oklahoma title
industry term that means the set of title
records that are identical to those of the
county recorder (clerk). Such a "plant" is
required by law to be updated for the
abstract company to obtain an Oklahoma
abstractor's certificate of authority.
Title Report: A report showing the
condition of title before a loan
transaction. In Oklahoma, a title report is
not an insurance policy according to state
insurance commission guidelines. A title
report is also known in other states as a
Title Search.
Title Search: See Title Report.
Tract: A parcel of land. |
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U
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Unencumbered: Free from liens.
Uniform Commercial Code: The set of
laws that provide for the legal rules and
regulations governing "commercial" or
"business" dealings and transactions
involving personal property. |
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V
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No terms listed.
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W
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Warranty Deed: A deed used to convey
title of property from one party to another,
whereby the seller guarantees title to be
free from encumbrances. |
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X
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No terms listed.
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Y
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No terms listed.
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Z
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No terms listed.
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