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MAP ACT - The Subdivision Map Act (Gov. Code, Section 66510 et
seq.) regulating the subdivision of land.
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MECHANIC’S LIEN - A statutory lien in favor of persons
contributing labor, material, supplies, etc. to a work of improvement upon
real property.
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MERGER OF TITLE - The absorption of a lesser estate into a larger
estate.
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MONUMENT - An object or mark employed by a surveyor to fix or to
establish boundaries or land location.
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MORTGAGE - A two party security instrument pledging land as
security for the performance of an obligation.
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NON-JUDICIAL FORECLOSURE SALE - Sale of property pursuant to the
power of sale provisions contained in a security instrument.
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NOTARIZE - To prove execution of a document by means of a notary
public’s certificate of acknowledgment.
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NOTARY PUBLIC - A person authorized by law to take acknowledgments
and to administer oaths.
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NOTE - A common reference to a promissory note.
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NOTE OF ACTION - A lis pendens.
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NOTICE OF CESSATION - A recorded notice shortening the time for
filing mechanics’ liens if work ceases prior to completion.
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NOTICE OF COMPLETION - A notice recorded within ten days of
completion of a work of improvement signaling commencement of the time
period within which claims of mechanics’ liens must be recorded.
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NOTICE OF DEFAULT - A recorded notice of a trustor’s failure to
perform his/her obligation under a deed of trust. The beginning step in
nonjudicial foreclosure of a deed of trust.
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NOTICE OF NON-RESPONSIBILITY - A recorded notice by an owner of
real property that he/she will not be responsible for payment of costs of
improvements contracted for thereon by some other person.
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OPEN-END MORTGAGE - Provision in a mortgage (or deed of trust) by
which additional advances of money made by lender to borrower after
execution of the security instrument are also secured by it.
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OWNER’S POLICY - A policy of title insurance insuring the title
of an owner.
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OWNERSHIP - The right to use and enjoy property to the exclusion of
others.
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PARCEL - Any area of land contained within a single description.
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PARTIAL RECONVEYANCE - An instrument extinguishing the lien of a
deed of trust from a portion of the property.
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PARTIAL RELEASE CLAUSE - Provision in a land contract, deed of
trust or mortgage for a conveyance of a portion of the property to buyer
upon satisfaction of specified conditions.
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PARTNERSHIP - An association of two or more persons to carry on as
co-owners of a business for profit.
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PERSONAL PROPERTY - Movable property; property which is not real
property.
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POLICY OF TITLE INSURANCE - A contract indemnifying against loss
resulting from a defect in title to the interest or lien in real property
insured.
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POWERS OF ATTORNEY - A written delegation from a principal
authorizing another person, as agent of principal, to act for him or her
in his/her name in a designated transaction or transactions.
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PRE-PAYMENT CLAUSE - Provision permitting payment of a debt prior
to due date.
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PRE-PAYMENT PENALTY - Charge imposed by a lender for payment of a
debt before due date.
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PRIORITY - The relative superiority of competing liens and
encumbrances.
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PRO-RATA - Proportionately; according to a certain rate,
percentage, or proportion.
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PROBATE - Administration of a decedents estate in accordance with a
valid will or State laws.
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PROBATE COURT - A division of superior court having jurisdiction
over estates of decedents, minors, incompetents, and conservatees.
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PROMISSORY NOTE - An unconditional written promise, signed by
maker, to pay, absolutely, a sum certain in money, either to the bearer or
to a person therein designated or his/her order.
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PUBLIC LANDS - All unoccupied land belonging to the federal
government subject to disposition under general land laws.
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PURCHASE MONEY MORTGAGE - A mortgage securing payment of all or a
portion of the purchase price of real property. A purchase price of real
property. A purchase money mortgage can be a mortgage with ‘first
priority’, ‘ second priority’, ‘third priority’, etc.
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