DEFINITION OF TERMS

DEFINITION OF TERMS A-D | E-H | I-L | M-P | Q-T | U-X | Y-Z

IMPROVED REAL ESTATE - Land upon which buildings have been erected.

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.

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.

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

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.

LAND CONTRACT - An agreement entered into for the sale and purchase of land.

LEASE - A writing constituting a conveyance of real property for a term of years and a contact for its possession during that term.

LEASEHOLD - The estate for years created by a lease.

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

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

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

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

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.

LOT SPLIT - Ordinarily, sale of a portion of a parcel of land.

FundingEdge.com
234 West Bandera Road, # 313, Boerne, Texas 78006 Phone: (210) 249-2111 & (830) 331-4030 Fax: (830) 331-4025