See eminent domain.
Real Estate and Mortgage

A special kind of property ownership that's only for married couples. Both spouses have the right to enjoy the entire property, and when one spouse dies, the surviving spouse gets title to the property (called a right of survivorship). It is similar to joint tenancy, but it is available in only about half the states.
Real Estate and Mortgage

A way two or more people can own property together. Each can leave his or her interest upon death to beneficiaries of his choosing instead of to the other owners, as is required with joint tenancy. Also, unlike joint tenancy, the ownership shares need not be equal. In most states, each tenant in common may encumber only his share of the property, so that the other share is debt-free. In some states, two people are presumed to own property as tenants in common unless they've agreed otherwise in writing.
Real Estate and Mortgage

Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the ''lessee''.
Real Estate and Mortgage, Landlords and Tenants

See tenancy in common.
Real Estate and Mortgage

A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
Real Estate and Mortgage

A legal document evidencing a person's right to or ownership of a property.
Real Estate and Mortgage

A company that specializes in examining and insuring titles to real estate.
Real Estate and Mortgage

Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.
Real Estate and Mortgage

A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.
Real Estate and Mortgage

Works in a real estate office that takes listings. Usually represents the seller and will be a dual agent anytime they represent the buyer.
Real Estate and Mortgage

Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property ''subject to'' the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device.
Real Estate and Mortgage

State or local tax payable when title passes from one owner to another.
Real Estate and Mortgage

An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market.
Real Estate and Mortgage

See net lease.
Landlords and Tenants

The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to a trustee -- often a title company -- who holds it as security for a loan. When the loan is paid off, the title is transferred to the borrower. The trustee will not become involved in the arrangement unless the borrower defaults on the loan. At that point, the trustee can sell the property and pay the lender from the proceeds.
Real Estate and Mortgage

A fiduciary who holds or controls property for the benefit of another.
Real Estate and Mortgage

A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.
Real Estate and Mortgage

A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed.
Real Estate and Mortgage

An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.
Real Estate and Mortgage