KEY TERMS

A condensed history or summary of all transactions affecting a particular tract of land.

The legal right to enter and leave a tract of land from a public way. Can include the right to enter and leave over the land of another.

The slow buildup of land by natural forces such as wind or water.

A residential mortgage that has an interest rate that is subject to change. The times of adjustment are agreed upon at the inception of the loan.

A person appointed by a probate court to settle the affairs of an individual dying without a will. The term is “administratrix” if such a person is a woman. Also see “Personal Representative.”

A claim made against the land of another by virtue of open and notorious possession of said land by the claimant.

A sworn statement in writing.

A person or company that has the power to act on behalf of another or to transact business for another, e.g., a title agent under contract with Old Republic Title is an agent solely for the purpose of issuing policies of title insurance and other title insurance products.

The right to ownership of everything above the physical surface of the land.

American Land Title Association, a national association of title insurance companies, abstractors and attorneys specializing in real property law. Its headquarters are in Washington, D.C.

An expression of the percentage relationship of the total finance charges to the total amount to be financed as required under the federal Truth-in-Lending Act.

A written opinion of market value based upon a factual analysis of relevant local market information.

Anything so annexed to land or used with it that it will pass with the conveyance of the land.

Adjustable Rate Mortgage. Also see “Variable Rate Mortgage.”

The imposition of a tax, charge or levy, usually according to established rates.

A public official who evaluates property for the purpose of taxation.

One to whom a transfer of interest is made. For example, the assignee of a mortgage or contract.

One who makes an assignment. For example, the assignor of a mortgage or contract.

A mortgage which, by its terms, allows a new owner to take over its obligations.

Legal seizure of property to force payment of a debt.

One who holds a power of attorney from another, allowing him or her to execute legal documents such as deeds, mortgages, etc., on behalf of the grantor of the power.