Money owing from one person to another.
One who owes a debt.
|Decree of Distribution||
A probate court decree that determines how the estate of a decedent shall be distributed.
Written document by which an estate or interest in real property is transferred from one person to another. The person who transfers the interest is called the "granter." The one who acquires the interest is called the "grantee." Examples of deeds are grant deeds, administrators' deeds, executors' deeds, quitclaim deeds, etc. The deed to use depends on the language of the deed, the legal capacity of the granter and other circumstances.
|Deed of Trust||
Also known as a Trust Deed. A written document by which the title to land is conveyed as security for the repayment of a loan or other obligation. It is a form of mortgage. The debtor is called the "trustor". The party to whom the legal title is conveyed (and who may be called on to sell the property if the loan is not paid) is the "trustee". The lender is the "beneficiary". When the loan is paid off, the trustee is asked by the beneficiary to issue a "recon" or "reconveyance". This reconveyance corresponds to a Release, Cancellation, or Satisfaction that a mortgage company executes when the mortgage loan is paid off.
Limitations in the deed to a property that dictate certain uses that may or not be made of the property.
A blemish, imperfection or deficiency. A defective title is one that is irregular and faulty.
(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.
A note having no date for repayment, but due on demand of the lender.
Money given by the buyer with an offer to purchase. Shows good faith. Also called "earnest money".
The exact location of a piece of real property stated in terms of lot, block, tract, part lot, metes and bounds, recorded instruments, or U.S. Government survey (sectionalized). This is also referred to as legal description of property.