> cloud on title. a claim, encumbrance, or condition that impairs the title to real property until disproved or eliminated through such means as a quitclaim deed or a quiet title legal action.
> comparable sales. sales that have similar characteristics as the subject property, used for analysis in the appraisal. commonly called“ comps.”
> conveyance. an instrument in writing, such as a deed or trust deed, used to transfer( convey) title to property from one person to another.
> deed of trust. an instrument used in many states in place of a mortgage.
> deed restrictions. Limitations in the deed to a property that dictate certain uses that may or may not be made of the property.
> earnest money deposit. down payment made by a purchaser of real estate as evidence of good faith; a deposit or partial payment.
> easement. a right, privilege or interest limited to a specific purpose that one party has in the land of another.
> hazard insurance. real estate insurance protecting against fire, some natural causes, vandalism, etc., depending upon the policy. buyer often adds liability insurance and extended-coverage for personal property.
> homestead exemption. automatic in arizona, it allows any resident of arizona, 18 years of age or older, to exempt from attachment, execution or forced sale $ 100,000 of equity in a single dwelling unit. exceptions include( 1) process and sale of a consensual lien, i. e. where a deed of trust or equity loan is foreclosed;( 2) a forced sale resulting from a mechanic’ s lien, and( 3) any equity beyond the $ 100,000.( you should consult an attorney to determine if this exemption offers you protection in the event of an attachment, execution or forced sale.)
> impounds. a trust type of account established by lenders for the accumulation of borrower’ s funds to meet periodic payments of taxes, mortgage insurance premiums and / or future insurance policy premiums, required to protect their security.
> legal description. a description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire piece of land. It should so thoroughly identify a parcel of land that it cannot be confused with any other.
> lien. a form of encumbrance that usually makes a specific property the security for the payment of a debt or discharge of an obligation. for example, judgments, taxes, mortgages, deeds of trust.
> mortgage. the instrument by which real property is pledged as security for repayment of a loan.
> piti. a payment that combines principal, Interest, taxes and Insurance.
> power of attorney. a written instrument whereby a principal gives authority to an agent. the agent acting under such a grant is sometimes called an“ attorney-in-fact.”
> purchase agreement. the purchase contract between the buyer and seller. It is usually completed by the real estate agent and signed by the buyer and seller.
> Quitclaim deed. a deed operating as a release, intending to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title by the grantor.
> recording. filing documents affecting real property with the county recorder as a matter of public record.
> warranty deed. a real estate oriented document used to convey fee title to real property from the grantor( usually the seller) to the grantee( usually the buyer).
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