Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of A
Abstract Of Title
A summary of the public records relating to the * title to a particular piece of land showing * conveyances, * liens, and charges affecting the property. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects which must be cleared before a buyer can purchase a clear, marketable, and insurable title.
Glossary For This Page
(In Alphabetical Order)
* Conveyance
The transfer of title of property from one person to another.
* Debt
Something owed by one person to another that must be repaid, such as money borrowed, or goods, or services.
* Lien
A legal claim or charge on property for payment of a * debt that must be paid when the property is sold. It is the right of the lender to take the title to your property if you do not make the payments due on the loan.
* Title
A legal document for the owner that proves the rights to, and the ownership of property, such as ownership of a vehicle, or boat, or ownership of a piece of real estate (land, home).
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