Words, Phrases & Definitions

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A

Abandonment - The surrender, relinquishment, disclaimer, or cession of property or of rights to property.

Abatement - To put an end to.

Ab Initio - From the beginning.

Ab Initio Mundi - From the beginning of the world.

Abstract - A brief summary.

Abstract of Judgment - A brief transcript of the essentials of a judgment.

Abstract of Title - A summary of the conveyances, transfers and other facts appearing of record and relied upon as evidence of title to real property.

Abutting - Touching or bordering a street, highway, or other public place.

Acceleration Clause - A clause in a note, trust deed, or mortgage advancing or hastening the date of maturity of the indebtedness or obligation upon the happening of a certain event.

Access Right - A landowner's right to have ingress to and egress from the property to a public street.

Accession - Addition to property by natural increase or growth or by installation of improvements.

Accommodation - An obligation assumed without consideration.

Accommodation Party - A person who signs a promissory note without receiving value.

Accommodation Recording - The recordation of an instrument without consideration and without assumption of responsibility for correctness or validity.

Accretion - A process by which land on a shore or riverbank increases gradually by the deposit of sand or soil upon the shore or riverbank.

Accrual - The growing or adding to.

Acknowledgment - A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is his or her act and deed.

Action - An ordinary proceeding in a court of justice by which one party prosecutes another for the enforcement or protection of a right; the redress or prevention of a wrong; or, the punishment of a public offense.

Action in Personam - An action in which judgment is sought against a person.

Action in Rem - An action in which judgment is sought against property to determine its status.

Actual Notice - Notice in fact or in reality to or by a party directly and personally.

Ad - At; to; before; near; for; of; until; within.

Ad Curiam - Before the court; to the court.

Ad Litem - During the pendency of the action or proceeding.

Ad Valorem - According to value.

Adjoining Owners - Owners of two or more parcels of real property that are contiguous to each other.

Adjudication - A judicial determination.

Administrator - Personal representative of the estate of an intestate decedent.

Administratrix - A woman administrator.

Administrator C.T.A. - An administrator with will annexed. The letters C.T.A. mean "cum testa-mento annexo" and are derived from Latin. If administration is granted but the decedent has made an incomplete will without naming executor(s) or if decedent names incapable persons or if executor(s) refuses to act, the administrator is an 'Administrator C.T.A.'

Advances - Money paid before proper time of payment.

Adverse Possession - Claim of ownership of property based upon open and hostile possession and occupancy.

Affiant - A person who has made an affidavit.

Affidavit - A written declaration under oath.

Affirmation - A declaration in writing under penalty of perjury.

After-Acquired Title - Title accepted by a grantor after his or her previous conveyance.

Agency - A relationship between two or more persons whereby one is authorized to act for another.

Agreement of Sale - An agreement entered into for the sale and purchase of property.

AKA - Also Known As

Alcalde - Spanish for mayor or chief magistrate.

Alienate - To transfer title to property.

Alienation - The transfer of title to property.

Alienation Clause - Provision in a note or in a security instrument calling for automatic maturity in the event of sale or transfer of title by borrower.

Allegation - A statement of fact in a pleading yet to be proved.

All-Inclusive Deed of Trust - A deed of trust securing payment of an obligation owing under a prior deed of trust.

Aliter - Otherwise.

Alluvion - Soil deposited by the process of accretion.

A.L.T.A. - American Land Title Association.

Amortization - Payment of principal and interest at stated periods for a stated time until debt is extinguished.

Ancillary - An addition to.

Ancillary Administration - Probate estate administration in a state other than the state of decedent's domicile.

Annexation - Addition to property or to territory.

Annuity - A yearly payment of money for life or for a term of years.

Annum - Year.

Ante - Before.

Antenuptial - Before marriage.

A Priori - From the past. From what goes before. Used in legal writing to indicate a cause and effect relationship.

Appearance - Presence of a party litigant before the court.

Appraisal - Statement of value.

Appraiser - A person qualified to determine property value.

Appurtenance - Anything incidental to or belonging to land considered a part of the real property.

Appurtenant - Belonging to.

Arbitrary (ARB) Map - A map made by a title company for its own convenience in identifying parcels of real property.

Assessed Value - Value of property for taxation purposes.

Assessments - Special taxes imposed to pay for public improvements beneficial to a limited area.

Assessor - County official who determines value of property for taxation purposes.

Assets - Property of value, property having an economic benefit.

Assign - To transfer all of an interest in personal property.

Assignee - One to whom property is assigned.

Assignor - One who transfers property by assignment.

Assumpsit - An undertaking to do an act or to make payment.

Assumption Agreement - An agreement to undertake a debt or obligation contracted by another.

Assumption Fee - The charge made by a lender when a buyer assumes seller's existing loan.

Assumption of Mortgage - An agreement in which buyer agrees to be liable for payment of an existing note secured by a mortgage or deed of trust.

Attachment - A judicial process by which a creditor obtains a lien upon property of a debtor prior to adjudication of the debt.

Attestation Clause - The clause in a deed denoting the subscribing persons are witnesses.

Attorn - To accept and acknowledge a new landlord.

Attorney-In-Fact - An agent authorized to act for another.

Avulsion - Sudden tearing away of land by violent action of a river or other watercourse.

Ayuntamiento - Spanish for town council.

B

Balloon Payment - Final installment payment of a promissory note larger than any single preceding installment payment.

Bankruptcy - A proceeding in U.S. Bankruptcy Court wherein assets of a debtor (unable or unwilling to pay debts) are applied by an officer of the court in satisfaction of creditor claims.

Base Lines - Imaginary east-west lines that intersect meridians to form a starting point for measurement of land.

Bench Mark - Location indicated on a durable marker by a land surveyor.

Beneficiary - One for whose benefit a trust is created. A lender secured by a deed of trust.

Beneficiary's Demand - Payment required by a beneficiary under a deed of trust before authorizing recon-veyance.

Beneficiary's Statement - Statement of a beneficiary under a deed of trust as to principal balance due on a promissory note and other information concerning the loan.

Benevolent Associations - Voluntary non-profit aggregations organized for the benefit of members.

Betterment - Substantial improvement to real property.

Bequeath - To give personal property by will.

Binder - Written agreement to issue, within a specified time, a policy of title insurance. Contract to insure.

Blanket Mortgage or Deed of Trust - A mortgage or deed of trust on more than one lot or parcel.

Blue Sky Law - A law (generally of a state) protecting the public from investing in fraudulent companies. Usually requires full disclosure of risks associated with investment before the investment entity puts investor's monies at risk.

Bona Fide - In good faith.

Bona Fide Purchaser - A purchaser in good faith, for fair value and without notice of any adverse claim or right of third parties.

Bond - A written undertaking to pay a certain sum of money.

Bonded Debt - An indebtedness secured by a bond issue.

Building Contract - Agreement for the construction of a proposed structure.

Building Lines - Lines established by ordinance or by statute beyond which building is not permitted.

By-Law - A rule adopted for the internal government of a corporation or unincorporated association.

C

C.C. - Civil Code.

CC&Rs - Covenants, Conditions & Restrictions -- detailed limitations applying to the use or enjoyment of real property.

C.C.P. - Code of Civil Procedure.

c.t.a. - With will annexed.

Capita - Heads; persons.

Caption - The heading of a title or document.

Cause - An action or a suit.

Caveat - Let him/her beware.

Caveat Emptor - Let the buyer beware.

Certificate of Sale - Evidence of a purchaser's acquisition of legal title at a judicial sale, subject to redemption rights, if any.

Certificate of Title - Certified statement as to land ownership based upon examination of record title.

Certiorari - A writ from a higher court to a lower court directing the forwarding of a certified record of a proceeding up for review.

Cestui Que Trust - The person for whose benefit property is held in trust.

Cestui Que Use - The person for whose use land was granted to another.

Cestui Que Vie - The person for the duration of whose lifetime an estate has been granted.

Chain of Title - A chronological list of documents comprising the record history of title to a specific parcel of real property.

Change of Venue - The removal of a cause for trial from one county to another.

Charter City - Generally, a city organized under a charter.

Chattel - An item or article of personal property.

Chattel Mortgage - Obsolete name for mortgage of personal property.

Chattel Real - An interest in real estate which is of a lessor degree than a freehold estate. For example, an estate at sufferance.

Chose in Action - A personal right not reduced to possession but recoverable by an action at law.

Civil Law - Law of the Roman Empire, it is distinguished from the Common Law of England.

Class Action - A lawsuit in which plaintiff represents himself or herself and all other persons similarly situated.

Clearing House - An office where bankers daily settle the balance of their accounts with each other.

Cloud on Title - A semblance or claim of title that is in fact invalid.

Co-Administrator - One of two or more administrators.

Code - A collection of laws.

Codicil - A testamentary disposition subsequent to a will altering, explaining, adding to, subtracting from, or confirming it, but not revoking it.

Co-Executor - One of two or more executors.

Co-Insurance - Insurance issued by two or more insurers.

Collateral - Property pledged as security for a debt; also, indirect, when referenced to blood relationship as in 'collateral heirs'.

Collateral Assignment - Transfer of an interest in personal property for security purposes. A collateral assignment is distinguished from an absolute assignment mainly because once the debt is paid that was secured by the collateral assignment, the assignment is extinguished.

Color of Title - That giving the appearance of title.

Commercial Acre - The portion of an acre of subdivided land remaining after deducting areas devoted to streets, sidewalks, etc.

Commissioner's Deed - Deed executed by a court appointed person in consummation of a sale ordered by the court.

Commitment - A pledge, promise, or firm agreement; also, a title insurer's contractual obligation to insure title to real property.

Common Law - The unwritten body of English law founded upon customs and precedents.

Community Property - Property acquired by a husband and wife, or either, during marriage, when not acquired as the separate property of either.

Competent - Legally qualified, capable of contracting.

Composition - Agreement between a debtor and creditors whereby the latter mutually agree to accept a certain percentage less than is due each one.

Conclusive Presumption - Legal inference that cannot be contradicted.

Condemnation - The taking of private property for a public use. The exercise of power of eminent domain.

Condemnation Guarantee - An evidence of title issued to a governmental agency naming persons to be made defendants in an action in eminent domain.

Condition - A qualification or restriction annexed to a conveyance of lands, whereby it is provided that upon the happening of a particular event an estate shall commence, be enlarged, or be defeated.

Condition Precedent - A condition that must be fulfilled before a right accrues or an estate vests.

Condition Subsequent - A condition that defeats a previously accrued right or vested estate.

Conditional Sale Contract - Contract of sale where title remains in seller until all conditions of the contract have been fulfilled.

Condominium - The composite of individual ownership and exclusive possession of a cube of space in a multi-unit building plus a collective ownership of and a collective right of possession to facilities common to all separately owned units.

Confession of Judgment - Entry of judgment without formality of proceedings upon debtor's admission and with debtor's consent.

Confirmation of Sale - Court approval of sale by a personal representative, guardian, or conservator.

Congressional Grant - A grant of public land of the United States by an act of Congress.

Conservatee - A person unable to manage self, property, or self and property and for whom the probate court has appointed a conservator.

Conservator - A person appointed by probate court to take care of the person, property, or person and property of conservatee.

Consideration - The value inducing another person to enter into a contract.

Constituent Corporation - A corporation merged or consolidated with one or more other corporations.

Constructive - Inferred or implied.

Constructive Notice - Notice given by public records.

Constructive Trust - Trust imposed by law to redress a wrong or to prevent unjust enrichment.

Contiguous - In actual close contact; touching, adjacent, near.

Contingent - Dependent upon an uncertain future event.

Contingent Beneficiary - A person who may share in an estate or trust depending upon the happening of an event.

Contingent Interest - An interest which may vest depending upon the happening of an event.

Contour - Surface configuration of land.

Contract - An agreement between two or more parties to do, or not to do a particular act.

Contract of Sale - An agreement entered into for the sale and purchase of property.

Convey - To transfer title to property from one person to another.

Conveyance - A written instrument transferring title to or an interest in land.

Corporate Seal - A seal attached to an instrument executed by a corporation.

Corporation - An artificial being created by law and endowed with certain rights, privileges, and duties of natural persons.

Corporation Sole - A corporation consisting of a single person and his/her successor in office.

Corporeal Hereditaments - Substantial permanent objects which may be inherited.

Corp. Code - Corporations Code.

Corpus - Property comprising the assets of a trust.

Cotenancy - Ownership by two or more persons.

Co-Trustee - One of two or more trustees.

Courses and Distances - Description of land by metes and bounds.

Covenant - Agreement or promise.

Curtesy - The common law interest of a husband in estate of deceased wife.

Custodia Legis - In the custody of the law.


 

 

 

D


Date Down - The date a title examination is to be brought down to from the date of the last examination. Generally the date of recording of instruments and documents in the Recorder's Office.

d.b.n. - Abbreviation for de bonis non administratis, De Bonis Non Administratis. Of the goods not administered. When an administrator is appointed to succeed another, who has left the estate partially unsettled, he is said to be granted “administration de bonis non;” that is, of the goods not already administered. McNair v. Howle, 123 S.C. 252, 116 S.E. 279, 285.

d.d. - Abbreviation for "days after date."

D.S. - Abbreviation for "declaratory statement."

De - From; of; concerning.

Decedent - Deceased person.

Declaration of Homestead - A formal, written, recorded assertion by an owner that the dwelling in which he or she resides is exempt from forced sale.

Declaration of Trust - A written instrument by a person (settlor-trustor), acknowledging that he or she holds title to property (as trustee) for the benefit of another or others (beneficiary/ beneficiaries).

Decree - A judgment by court.

Decree of Distribution - A judgment of probate court as to persons entitled to the property of a decedent. [Now referred to as 'Order for Distribution']

Dedication - Donation of land by owner for public use.

Deed - Written document transferring title to land from one person to another.

Deed In Lieu of Foreclosure - The deed purchased by the mortgagee from the mortgagor in lieu of the foreclosure of the mortgagee's mortgage. The mortgagor grants the title to the property secured by the mortgage to the mortgagee (lender) in lieu of lender foreclosing the mortgage.

Deed of Sale - Evidence of a purchaser's acquisition of legal title at a judicial sale, subject to redemption rights, if any.

Deed of Trust - A three party security instrument conveying title to land as security for the performance of an obligation. Also called "trust deed."

De Facto - In fact.

Default - Omission or failure to fulfill a duty, observe a promise, discharge an obligation, or perform an agreement.

Default Judgment - A judgment against a defendant who made no appearance in court.

Defeasance Clause - The provision of a mortgage giving the mortgagor the right to redeem the property upon satisfaction of the obligation it secures.

Defeasible - Subject to being defeated, annulled, revoked.

Deficiency Judgment - A personal judgment against the debtor for the amount remaining due after foreclosure of a security device, as in the case of a mortgage or trust deed.

Defunct - Deceased, dead.

De jure - By right.

Demand - An escrow term describing the consideration exacted for a conveyance or for the relinquishment of an interest in or a right to property.

Demise - A transfer of an estate for years, for life, or at will.

Demurrer - The formal mode of disputing the sufficiency in law of an opponent's pleading.

Deponent - A witness; an affiant.

Depository Statement - Instructions accompanying the deposit of documents, instruments, or property.

Deposition - Testimony of a witness taken upon interrogatories, not in open court.

Deraign - To trace, to prove.

Descent - Manner of succession to title to property of an intestate decedent.

Description - Written instrument by which title to land is transferred to a trustee as security for repayment of a debt or performance of an obligation.

Devise - The disposition of land by will.

Devisee - A person to whom real property is given by will.

Dictum - An opinion by a judge on a point not essential to the decision on the main issue. (Plural form is "dicta.")

Dies - A day.

Diluvian - The gradual washing away and loss of soil along the banks of a river.

Disseisin - Dispossession; ouster.

Divest - To deprive of a right or title to property.

Divisa - A boundary.

Documentary Transfer Tax - A tax on certain recorded transfers of title to real property.

Domicile - Fixed and permanent home.

Domiciliary Administrator - Administrator of estate of a decedent appointed by probate court of the state of decedent's domicile.

Dominant Tenement - The land benefited by an appurtenant easement.

Dona - Gift.

Donee - Person to whom gift is made.

Donor - Person who makes a gift.

Dower - The common law interest of a wife in estate of deceased husband.

Dragnet Clause - Provision in a security instrument making the security instrument applicable to all past and present obligations between debtor and creditor.

Due-on-Sale Clause - Provision in a security instrument calling for automatic maturity in the event of sale or transfer of title by borrower.

 

E

Earnest Money - Something given as a part of the purchase price to bind a bargain.

Easement - A limited right or interest in the land of another entitling the holder to some use, privilege, or benefit.

Easement Appurtenant - An easement created for the benefit of and attaching to a parcel of land.

Easement in Gross - An easement created for the benefit of a person rather than for a parcel of land.

Ejectment - Legal action for return of right to possession of land and for damages.

Eleemosynary - Charitable.

Eminent Domain - The right to take private property for public use.

Emptor - A buyer.

Encroachment - The extension of an improvement onto land of another.

Encumbrance - A right or interest in land decreasing its value but not hindering its sale or transfer.

Endorsement - The act of signing a name on the back of a check or promissory note to evidence its transfer; also, a written document attached to an insurance policy expanding or limiting coverage.

Enfeoff - To vest a person with fee title to land.

Entirety - A form of cotenancy in which owners are jointly seized of the whole.

Equitable Lien - A lien recognized in a court of equity.

Equitable Title - The right to acquire legal title.

Equity - Natural right or justice based upon ethics and morals.

Equity in Property - The value of a person's interest in property over and above total liens and charges.

Equity of Redemption - The right to redeem property after a judicial sale.

Erosion - The gradual eating away of soil by natural forces.

Escalator Clause - Provision for upward or downward adjustment of costs, expenses, rents, etc.

Escheat - A forfeiture of title to the state.

Escrow - A transaction in which an impartial third party acts upon instructions for both seller and buyer, or for both borrower and lender, in carrying out instructions, delivering papers and documents and, disbursing funds.

Estate - The degree, quantity, nature, and extent of a person's interest in real property.

Estate at Will - Possessory right of a tenant for an indefinite period terminable by either landlord or tenant upon notice.

Estate for Life - Estate measured in time by the uncertain duration of a person's lifetime.

Estate for Years - Estate measured for a certain, definite, or fixed period of time.

Estate of Inheritance - An estate extending beyond the owner's lifetime which is succeeded to by heirs or by devisees.

Estate Tax - A tax upon the privilege of transmitting title to property of a decedent.

Estoppel - A bar to the assertion of a right or a defense in consequence of previous position, act, or representation.

et Al. - And others.

et Con. - And husband.

et Seq. - And following.

et Ux. - And wife.

Ex Parte - A judicial proceeding, order, injunction is said to be ex parte when it is taken or granted at the request and for the benefit of one party only, and without notice to any person.

Ex Post Facto - After the event.

Examination - The process of determining the vesting of title, and encumbrances burdening land.

Examiner - A person who analyzes a chain of title to land and expresses an opinion thereon.

Exception - A deduction, subtraction, or exclusion.

Exculpatory Clause - Provision designed to absolve a party from liability.

Execution Proceedings - Judicial enforcement of a money judgment consummating in seizure and sale of debtor's property.

Executor - A male representative of the estate of a testate decedent.

Executory - An agreement or contract not yet performed.

Executrix - A female representative of the estate of a testate decedent.

Exemption - Immunity from a burden or obligation.

Expediente - Spanish or Mexican land grant file.

Extension Agreement - Agreement granting additional time for performance.

 

 
F

Facsimile - An exact and precise copy.

False Personation - Assuming, without authority, the identity of another person for fraudulent purposes.

Fee - An estate of inheritance in real property.

Fee Simple - Absolute ownership; a fee without limitation.

Fee Simple Absolute - The largest recognized estate in land; a title without limitation or end.

Fee Simple Defeasible - A fee simple estate subject to being defeated, annulled, or revoked.

Feme Sole - An unmarried woman.

Feme Covert - A married woman.

Fictitious - False, feigned, pretended.

Fictitious Deed of Trust - A recorded deed of trust containing general terms and provisions but naming no parties and describing no property; it is used for reference only.

Fictitious Name - A name adopted for business purposes other than the true name of owner.

Fiduciary - One who holds a position of trust and confidence requiring scrupulous good faith and candor. For example, a trustee of a trust is a fiduciary.

Final Decree - A judicial decision finally disposing of a matter or cause.

Financing Statement - A personal property security instrument replacing a chattel mortgage upon adoption of Uniform Commercial Code.

Fissionable Material - Material capable of division into parts.

Fixture - Property originally personal in character but intended to be a part of the real property to which affixed.

Foreclosure - Enforcement of a lien by sale of property given as security.

Foreclosure Sale - The sale of property given as security to secure performance of an obligation.

Forfeiture - The loss of a right, title, or interest in property as consequence of a default under an obligation.

Franchise - A special privilege conferred by government or, a contractual right to engage in a business under trade name owned by another.

Freehold - An estate in land of uncertain duration. For example, a fee simple absolute or a life estate.

Future Advance Clause - Provision for lender's future disbursements to be also secured by a security instrument previously executed.

Future Interest - An estate in real property entitling owner to possession and enjoyment on a future date. For example, a remainder is a future interest.

G

Garnishment - Attachment of personal property of a debtor in the possession of a third person.

General Index - A title company's record of matters affecting title to land maintained according to names of individuals and entities rather than by real property description.

General Law City - Generally, a city organized under the general law. (Compare "Charter City," supra.)

General Plan Restrictions - Restrictions on use of real property imposed for the benefit of all lots within a subdivision.

Gift - A voluntary conveyance or transfer of property without a valuable consideration.

Gore - A small triangular piece of land.

Gov. Code - Government Code.

Graduated Lease - A lease providing for varying rental rates.

Grant - A transfer of real property by deed.

Grant Deed - A written instrument transferring title to real property.

Grantee - The person acquiring title to real property by a deed.

Grantor - The person transferring title to real property by a deed.

Groin - A structure intended to impede or resist movements of sand adjacent to seas or lakes.

Ground Lease - A lease of land only and not of improvements to be made by lessee.

Ground Rent - Earnings of improved property credited to land separate from its improvements.

Guarantee of Title - A form of title insurance based solely upon public record disclosures.

Guardian - A person appointed by the probate court to care for the person, the property, or the person and property of a minor or an incompetent person.

H

Habendum Clause - The provision in a deed, usually following the description, reciting: "to have and to hold, etc."

Habendum and Tenendum - To have and to hold.

Hand - A lineal measure of four inches.

Heir - A person entitled by law to inherit property of a decedent.

Hereditaments - Anything capable of being inherited.

Holding Agreement - A form of a trust where trustee holds legal title to real property with no active duty of management or control.

Holographic Will - A will entirely written, dated, and signed by the testator in his or her own handwriting.

Homestead - The dwelling in which an owner or head of a family resides protected to a limited extent from forced sale by a recorded declaration of homestead.

Hypothecate - To pledge without delivery of title or possession. (Principally an admiralty term that has found its way into real property finance).


I

I/C - Individual/Corporation. An in-plant index of matters affecting persons or companies which cannot be entered on Lot Books because no specific properties are mentioned.

Idem Sonans - The doctrine that if two names may be sounded alike any variance in spelling is immaterial.

Id Est. - That is commonly abbreviated "i.e."

In Essee - Alive; in being.

Improved Real Estate - Land upon which buildings have been erected.

In Personam - Against the person.

In Propria Persona - In his/her own person; himself, herself. Abbreviated to "pro per."

In Re - In the matter of.

In Rem - Against property.

Inchoate - Incomplete; not perfected.

Incompetent - A person deemed by law incapable of managing his/her property.

Incorporeal - Intangible; without physical existence.

Indemnity - Compensation given for a loss sustained.

Indemnity Agreement - An agreement relieving a person of an obligation to compensate for a potential loss. A hold harmless agreement.

Indenture - A deed or other document executed by both parties.

Inheritance Tax - A tax imposed upon the privilege of succeeding to the title of a decedent.

Installment Land Sales Contract - An agreement entered into for the sale and purchase of property under which purchase price is paid in installments.

Instrument - A formal, legal, written document.

Insurable Interest - A sufficient interest in property that loss of it or damage to it would entail financial loss to the owner.

Intangible - Incorporeal; not of material or physical existence.

Inter Alia - Among other things.

Interest - A share of, or a right to, or a concern in something of Value; also, a premium paid for the use of money.

Interim Loan - A short term loan under circumstances anticipating a subsequent long term loan.

Interlocutory Decree - A decree made pending final outcome of the cause prior to final hearing on the merits.

Intestate - Without a will; also, a decedent who left no will.

Intra - Within.

Inure - To serve to the use or benefit.

Involuntary Lien - A lien created by operation of law.

Ipso Facto - Of itself; by the very fact.

J

Joinder - One or more person acting in unison joining together.

Joint Protection Policy - A policy insuring more than one interest. I.E., the interest of both owner and lender.

Joint Tenancy - A form of co-ownership by two or more persons in equal shares characterized by the incident of survivorship.

Joint Venture - A form of business organization composed of two or more persons to conduct a single enterprise for profit.

Judgment - A final determination in a court of competent jurisdiction of the rights of the parties to an action or proceeding.

Judgment Lien - A statutory lien created by recording a judgment, or an abstract, ordering the payment of a sum of money.

Junior Lien - A lien of inferior priority.

Jurat - The portion of a certificate or affidavit stating when, where, and before whom it was sworn.

Jurisdiction - The power to adjudicate concerning the subject matter in a given case.

L

Laches - Inexcusable delay in asserting a right.

Landowner's Royalty - An interest in unsevered oil and gas granted to a third person or reserved by a landowner on occasion of his/her alienation of an interest in real property.

Land Contract - An agreement entered into for the sale and purchase of land.

Lands, Tenements, Hereditaments - Inheritable lands or interests in them.

Latent - Concealed.

Lateral Support - The support the soil gives to the land of an adjacent owner.

Lease - A writing constituting a conveyance of real property form a term of years and a contract for its possession during that term.

Leasehold - The estate for years created by a lease.

Legacy - A gift of personal property by will.

Legal Description - A description of real property sufficient to locate it on the ground by reference to government surveys or approved recorded maps.

Legatee - A person to whom personal property is given by will.

Lessee - The person acquiring an estate for years in a lease.

Lessor - The person transferring an estate for years in a lease.

Letters of Administration - Formal written evidence of court appointment of a personal representative of the estate of an intestate decedent.

Letters of Conservatorship - Formal written evidence of court appointment of a conservator of the person, or of the estate, or of the person and estate of a conservatee.

Letters of Guardianship - Formal written evidence of court appointment of a guardian for the person, estate, or person and estate of a minor or of an incompetent.

Letters of Testamentary - Formal written evidence of court appointment of a personal representative of the estate of a testate decedent.

Levy - Seizure of property by judicial process.

Lien - A charge upon property for the purpose of securing the payment or discharge of a debt or obligation.

Life Beneficiary - A person entitled to receive a benefit for life.

Life Estate - An estate measured in duration by the lifetime of a natural person.

Limitations, Statutes of - Statutes limiting the time within which parties having a cause of action must institute proceedings to enforce the same.

Lineal - In a direct line.

Lis Pendens - A recorded notice of the pendency of an action.

Lite Pendente - While the action is pending.

Littoral - Pertaining to the shore.

Living Trust - A trust becoming operative in the lifetime of the person creating it.

Loan Policy - A policy of title insurance insuring the interest of a lender.

Lock-In-Clause - A loan provision specifying a period during which no repayment is permitted.

Loss Payable Clause - An endorsement to an insurance (fire) policy specifying parties (lenders) entitled to participate in proceeds in the event of loss.

L.S. - Abbreviation for "locus sigilli" meaning the place for a seal.

Lot Split - Ordinarily, sale of a portion of a parcel of land.

M

Map Act - The Subdivision Map Act (Gov. Code, Section 66410 et seq.) regulating the subdivision of land.

Marshaling - The ranking of several parcels of land for the satisfaction of a debt for which all parcels serve as security. Marshaling is an equitable principle.

Mean - Intermediate.

Mean High Tide Line - The average height of certain high waters.

Meander - To follow a winding course.

Mechanic's Lien - A statutory lien in favor of persons contributing labor, material, supplies, etc. to a work of improvement upon real property.

Memorial - A short note, abstract, or memorandum.

Merger of Title - The absorption of a lesser estate into a larger estate.

Meridians - Imaginary north-south lines intersecting base lines to form a starting point for measurement of land.

Mesne - Intermediate, intervening.

Metes and Bounds - Measurements and boundaries.

Military Reservist Relief Act of 1991 - California statutory law to protect military reservists called to serve during the Gulf War from loss of property in satisfaction of obligations incurred before being called to serve.

Monument - An object or mark employed by a surveyor to fix or to establish boundaries or land location.

Moratorium - A temporary suspension by statute of the enforceability of a debt.

Mortgage - A two party security instrument pledging land as security for the performance of an obligation.

Mortgagee - The party entitled to performance by a mortgagor.

Mortgagor - The party executing a mortgage.

Muniments of Title - Deeds and other original documents comprising a chain of title to a parcel of real property.

Mutual Water Company - A company organized for the purpose of providing water to its members.

N

Naturalization - The conferring of rights of citizenship to a person who has been an alien.

Naturalized Citizen - A person made a citizen of the United States by act of congress.

Neap Tides - Tides occurring between the full moon and the change of the moon, twice every twenty-four hours.

Negotiable - Capable of transfer by endorsement in the ordinary course of business.

Negotiable Instrument - Instruments with special legal incidents permitting free circulation in commerce.

Nominee - A person designated to act in the place and stead of another.

Nonjudicial Foreclosure Sale - Sale of property pursuant to the power of sale provisions contained in a security instrument.

Notarize -