 | Jeff Otto is Branch Manager of Lawyers Title Insurance Corporation which is a member of LandAmerica Financial Group, Inc., a premier national provider of title insurance and settlement services. Lawyers Title has been in the local marketplace since 1955. Jeff has been with Lawyers Title for 34 years, the last 24 right here in Wichita. You may contact Jeff at (316) 682-9600 x 201 or by e-mail at jotto@landam.com |
Real Estate
2005-06-01 09:50:00
Common real estate terms
: Can you describe some common real estate terms and what they mean?
ANSWER: Abstract of Title - A condensed history or summary of all transactions affecting a particular tract of land.Deed - A written document by which the ownership of land is transferred from one person to another.Due-on-Sale Clause - A provision in a mortgage or deed of trust which requires the loan to be paid in full if a property is sold or transferred.Fixed Rate Mortgages - Mortgages with a fixed interest rate. Your payment for principal and interest will not change for the life of the loan. Your monthly payment may change if taxes or insurance rates change.Foreclosure - A legal process by which a mortgagor of real property is deprived of his interest in that property due to failure to comply with the terms and conditions of the mortgage.Grantee - A person who acquires an interest in land by deed, grant or other written instrument is called a Grantee. Grantor - A person who, by a written instrument, transfers to another, interest in land. Hazard insurance - This is the homeowner's insurance policy.Mortgage Note - An instrument used to encumber land as security for a debt. This document gives the mortgage company "in rem" jurisdiction over the mortgagor.Mortgagee - A designation for the mortgage lender on lands. Mortgagor - A designation for the mortgage borrower on lands.Point - One percentage point. It is equal to one percent of the loan amount.Promissory Note - This is a promise to pay. The promissory note document gives the mortgage company "in personam" jurisdiction over the mortgagor.
