A title search resulting in a Preliminary Title Report, Commitment or Binder.

(1) Buildings and immediately surrounding areas. (2) In conveyancing, the part of a deed giving the names of the grantor and grantee, the consideration, and description of the property conveyed.

(1) Money paid for an insurance policy. (2) A bonus. The opposite of a discount.

Interest paid before becoming due.

Those expenses of property which are paid in advance and will usually be prorated upon sale, such as taxes, insurance, rent, etc.

See: Or More Clause.

A clause in a mortgage that determines whether the borrower may make additional principal payments without penalty and the limit, if any, of the additional payments. See also: Or More Clause.

A penalty under a note, mortgage, or deed of trust, imposed when the loan is paid before it is due.

The right to prepay a loan without penalty, either in full or in part. See also: Lock-in; Or More Clause; Prepayment Penalty.

Written before.

The granting of an easement by a court, based on the presumption that a written easement was given (although none existed), after a period of open and continuous use of land.

1. The current appraised value of property. 2. The current value of money that will be received at a future date. See also: Present Value Of $1.

The value today of $1 to be received at a future date. Example: If you invested $1 today, you would have more than $1 in a year. Therefore, $1 received a year from today is worth less than $1 received today.

Stretching wire or other reinforcement in wet concrete, then releasing it after the concrete has dried, causing the tension (stress) toward compaction of the concrete.

An inference reached by probability and reasoning in the absence of absolute fact. A presumption of law is the required drawing of an inference from existing facts. The presumption may be rebuttable or conclusive. If rebuttable, facts may be presented to refute the presumption. If conclusive, no facts may be presented, as in estoppel.

A child born after his/her parent’s will is executed.

A spouse married after the will of his/her spouse is executed.

Modernly, the amount of money paid for property which is purchased, although the word is general enough to include anything given (not necessarily money) in exchange for something else.

See: Quantity Survey Method.

At first sight; on the face of it. Presumed true unless disproved.