A deed, made collaterally with a conveyancing deed, which imposes conditions which, if met, will defeat the conveyance.

Title which is not absolute but possibly may be annulled or voided at a later date. For example: Title conveyed to A with condition that if A marries before age 30, title will go to B. A’s title may be good (doesn’t marry) or may be defeated (marries before 30).

(1) Title to a negotiable instrument obtained by fraud. (2) Title to real property which lacks some of the elements necessary to transfer good title.

The person against whom a civil or criminal action is brought.

A process whereby the taxpayer sells the relinquished property and purchases the replacement property at a later date. The process must conform to the rules of IRS code section 1031 in order to gain the tax benefits. See also: Concurrent Exchange; Reverse Exchange.

Interest that is postponed (deferred) until a later date. This would occur if a borrower was paying less than interest only on a loan.

Repairs necessary to put a property in good condition. A concern of a purchaser. An owner may have an account for such maintenance.

Reverse mortgages that give the borrower a lump sum of cash to repair or improve a home; usually offered by state or local governments.

(1) Payments to begin at a future time. (2) Installment payments.

Commonly, the amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the debt. Actually the judgment is for the total amount and not for the deficiency, the recovery from the foreclosure sale being deducted from this amount.

A decrease in the supply of money and credit. The value of money is increased in relation to what it will buy (price drop). Opposite of inflation.

(1) A geometric measure. 360 degrees makes a circle; 180 degrees a straight line; 90 degrees a right angle, etc. Used in metes and bounds descriptions to show the direction the boundaries follow. A degree is itself divided by minutes and seconds, 60 minutes making 1 degree, and 60 seconds making 1 minute. (2) A term used in inheritance to show the closeness of blood relationships. (3) Extent, such as 1st degree murder. (4) That which is received upon graduation from school, such as a law degree.

A reconveyance of a deed of trust which is issued and recorded after transfer of title and issuance of title insurance (not showing the deed of trust). Usually occurs when the lender is in another state and will not issue the reconveyance until paid in full.

One to whom a duty under a contract is transferred.

One who transfers a duty under a contract.

An overdue amount owing on a loan.

In conveyancing, the placing of the property in the actual or constructive possession of the grantee. Usually accomplished by delivery of a deed to the buyer or agent of the buyer, or by recording said deed.

(1) The quantity of goods which can be sold at a specified price, in a given market, at a particular time. (2) A letter from a lender showing the amount due in order to pay off a mortgage or trust deed.

Any deposit which may be withdrawn upon demand. For trust funds, non interest bearing deposits.