A warranty given by law or circumstances rather than by words of the seller. See also: Express Warranty.

Account held by a lender for payment of taxes, insurance, or other periodic debts against real property. The mortgagor or trustor pays a portion of, for example, the yearly taxes, with each monthly payment. The lender pays the tax bill from the accumulated funds.

The payment of escrowed funds to pay taxes and insurance when due.

Land having either on-site improvements, off-site improvements, or both.

An appraisal term encompassing the total value of land and improvements (buildings) rather than the separate values of each.

A bond issued by a municipality to finance any public improvement.

A bond to finance improvements by a business which is secured by a general mortgage.

Generally, buildings, but may include any permanent structure or other development, such as a street, utilities, etc. See also: On- Site Improvements; Off-Site Improvements.

See: On-Site Improvements.

See: Off-Site Improvements.

Personal rather than attached to land. An easement in gross has no dominant tenement.

Of endless duration; forever.

Directed at specific persons rather than against property or generally for all people.

In the matter of.

Pertaining to property or people in general.

See: Underimprovement.

Incomplete; begun but not completed; contingent.

The dower interest of a wife during the life of her husband. May vest at his death.

An unrecorded instrument (such as a deed) which is valid only between the parties and those having actual notice; but not against “the world” as it would be after recording.

A heavily insulated, furnace-like device for burning rubbish, giving off a minimum of heat and smoke, and burning the rubbish more completely than an open fire.

Generally, any increase in the assets of a person or corporation caused by labor, sales, or return on invested funds. May be different for tax purposes.