See: Present Value Of $1.

A concept of ownership increasing in popularity as real estate prices rise. The purchase of an undivided interest (usually in a resort area condominium) for a fixed or variable time period. For example: Fifty-two different purchasers buy one condominium; each agrees to possession for one week per year. Costs (taxes, insurance, maintenance, etc. are shared equally. Possession may be fixed, or by reservation, by lease, license, etc. Some developers provide several projects in different parts of the world, so that a person owning one week in a project in Hawaii could elect to spend that week in a connected project in France or other area.

The evidence one has of right to possession of land.

An FHA-insured loan that allows a borrower to make improvements such as renovations or repairs to his/her home.

An agency issuing the policy of a title insurance company.

See: Defective Title.

Insurance against loss resulting from defects of title to a specifically described parcel of real property. Defects may run to the fee (chain of title) or to encumbrances.

A company which issues insurance regarding title to real property.

A government insured loan which is greater than the equity in the property. These loans can currently go up to one hundred twenty five percent of the value of the property, and may be used only for improvements to the property. Also called a Negative Equity Loan. See also: Title One Look Alike Loan.

A loan which has the same greater than value characteristic of a Title One Loan (See Above) but is privately funded without government insurance. This loan is not restricted to property improvements.

An order for a search of the title to some parcel of property, eventually leading to the issuance of a policy of title insurance.

The page in a subdivision map which is signed by all parties having an interest in the land, agreeing to the subdivision.

A filing of all recorded information to real property, paralleling the records of the county recorder’s office, although the filing system may be different.

See: Preliminary Title Report.

A review of all recorded documents affecting a specific piece of property to determine the present condition of title.

A theory followed in several states that the mortgagee has legal title to the mortgaged property and the mortgagor has equitable title. See also: Lien Theory.

Nailing at a slant for greater gripping into a second member.

(1) Money paid for the use of a road, bridge, etc. (2) To take away, stop, or defeat. Commonly used to indicate the defeating of the statute of limitations.

A bridge, the crossing of which requires a fee to be paid.

A highway over which a motorist may travel, for a specified fee.

Information to validate title taken from tombstones, such as the death of an owner, date of death, names of survivors, etc.