Definitions
Abstract: In regards to title, it is the condensed history of the title to a parcel of real Estate. It consist of a summary of the original grant and all subsequent conveyances and encumbrances that affect the property.
Appraisal: In regards to Real Estate, it is the act of assessing the value of real property.
Assessor's Parcel Number: a number assigned to parcels of real property by the tax assessor of a particular jurisdiction for purposes of identification and record-keeping. The assigned number is unique within the particular jurisdiction for purposes of identification and record-keeping. The assigned number is unique within the particular jurisdiction, and may conform to certain formatting standards that convey basic identifying information such as the property type or location within the plot map "https://en.wikipedia.org"
Deed: is any legal instrument (document) in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed. It is commonly associated with transferring (conveyancing) title to property.
Deed without Warranty - Document that transfers title without any warranties, express or implied, as to any subjects.
Special Warranty Deed - document transfers title and is only liable for debts or other encumbrances to the title that they caused or that happened during their ownership of the property .
Warranty Deed - document that transfers title with a guarantee that the seller has clear title to a piece of real estate and has a right to sell it to the grantee (buyer).
Broker Price Opinion (BPO): the estimated value of a property as determined by a real estate broker. It can be from other qualified individuals or firms. A broker price opinion is based on the characteristics of the property being considered.
Easement: This grants a party the legal right to use property while ownership remains with another party.
Encumbrance (incumbrance): a right to, interest in, or legal liability on real property that does not prohibit passing title to the property but that may diminish its value. Incumbrances can be classified in several ways. They may be financial (for example, liens) or non-financial (for example, easements, private restrictions).
Financial Institution Number (FIN): unique identifier assigned to specific bank or financial institution.
Interlocutory Decree: A court judgment that is not final until the judge decides other matters in the case or until enough time has passed to see if the interim decision is working. In the past, interlocutory decrees were most often used in divorces. An interlocutory sale of property is usually done in situations where the goods seized are perishable or are susceptible to deterioration. Thus, in unavoidable situations, courts allow the residence to be sold even prior to completion of the action in which it has been arrested or attached.
Landlocked: In Real Estate, this refers to a property that has no direct access to a public street. The only way on or off the property is to cross land owned by someone else. Usually, a landlocked property gains street access via legal permission called an easement.
Millage: A rate (as of taxation) expressed in mills per dollar. The millage rate is the amount per $1,000 of property value that is used to calculate local property taxes. Assigned millage rates are multiplied by the total taxable value of the property in order to arrive at the property taxes.
Lis pendens: a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it.
Task Order(s):
Master Task Order: An official request/document/obligation that specifies the maximum dollars associated to a suite of services
Sub Task Order: An official Request under the purview of a Master Task Order
Order of Forfeiture (Preliminary / POF): the order authorizes the Attorney General or Designee to seize the specific property subject to forfeiture; to conduct any discovery the court considers proper in identifying, locating, or disposing of the property; and to commence proceedings that comply with any statutes governing third-party rights. The court may include in the order of forfeiture conditions reasonably necessary to preserve the property's value pending any appeal.
Ownership & Encumbrance Report (O & E): A report (on Real Property) that identifies the last recorded owner, legal description, and recorded deed of trust or mortgage. This is information from public records; The O & E Report is also known as a Property Information Report.
Plat map is a document drawn to scale, showing the divisions of a piece of land. It gives the legal descriptions of pieces of real property by lot, street, and block number. ( YouTube Video: How to Read a Plat or Survey )
Amending plat. This records small corrections to an existing plat.
Plat of consolidation. This is done when a single landowner buys several adjacent pieces of land and consolidates them into a single parcel.
Plat of subdivision. This is a record made when a landowner divides a tract of land into several smaller parcels.
Short plat. This is used for a subdivision of land into no more than four separate parcels.
Vacating plat. A plat that legally cancels a prior plat.
Title Commitment (Binder): This is a title company's promise to issue a title insurance policy for a property after closing. The title commitment contains the same terms, conditions, and exclusions that will be in the actual insurance policy. The Title commitment comes before the closing; the title policy is written after the closing.
Title Report:
Full Chain of Title Report - copies of all transfers with copies of source documents up to 30 years.
Preliminary Title Report (i.e. Complete Records Package) - Includes the current vesting deed. It provides ownership, liens, encumbrances, and other exceptions to title.
Title Search: The retrieval of documents that serve as evidence to the event history of Real Property to determine interest in and regulation concerning the property in question.
Order of Forfeiture (Final / FOF): Amended Preliminary Order of Forfeiture accounting (if necessary) for any third party right. The third party had to have filed a timely petition.
Valuation (US):
Writ of Entry: A real action to recover the possession of land where the tenant(or owner) has been dismissed or otherwise wrongfully dispossessed.