| Gift Deed - |
A deed for which the consideration is love and
affection and where there is no material consideration. |
| GI Loan - |
Analyzed by - and approval granted by - Veterans'
Administration. Also called VA loan. Only eligible veterans may apply. Veterans'
Administration guarantees a portion
of the loan to the lender against loss. |
| Graduated Lease - |
A type of long-term lease agreement which provides for
a fixed rental fee during the initial period of the lease with increases and/or decreases
in rental amount at
stated times during the balance of the contract term. |
| Grant Deed - |
A technical legal term in a deed of conveyance
bestowing an interest in real property on another. The words "convey" and
"transfer" have the same effect. |
| Grantee - |
The purchaser; the person to whom a grant is made. |
| Grantor - |
Seller of property; one who signs a deed. |
| Gross Income - |
Total income from property before any expenses are
deducted. |
| Guarantee of Title - |
The opinion of a title company backed by its assets as
to the true condition of the title to a certain piece of land at a particular time, as
shown by the public records in the recording office. |
| Homestead - |
A home upon which the owner or owners have recorded a
Declaration of Homestead, as provided by California statutes; protects home against
judgments up to specified amounts. |
| Hypothecate - |
To give a thing as security without the necessity of
giving up possession of it. To mortgage real property. |
| Implied - |
Not expressed in writing; presumed or inferred. |
| Income Property - |
Property which produces income from residential or
commercial rentals and profits attributable to real estate other than rent. |
| Incompetent - |
One who is mentally incompetent, incapable; any person
who, though not insane, is, by reason of old age, disease, weakness of mind, or any other
cause, unable unassisted to properly manage and take care of himself or his property. |
| Injunction - |
A writ or order issued under the seal of a court to
restrain one or more parties to a suit or proceeding from doing an act which is deemed to
be inequitable or unjust in regard to the rights of some other party or parties to the
suit. |
| Installment Note - |
A note which provides that payments of a certain sum
or amount be paid on the dates specified in the instrument. |
| Instrument - |
A legal document in writing to create, alter, modify
or terminate a right. |
| Interest Rate - |
The percentage of a sum of money charged for its use. |
| Investment - |
Money put in property or other ventures with the
expectation of making a profit, with sufficient security to return and protect the
capital; not speculation. |
| Involuntary Conveyance - |
Sheriff's deed; tax deed; an instrument against the
will of the
owner. |
| Involuntary Lien - |
A lien imposed against property without consent of
owner. Examples: taxes, assessments, federal income tax liens, judgments, etc. |
| Joint Tenancy - |
Joint ownership by two or more persons with right of
survivorship. |
| Judgment - |
Final decision, determination, decree or sentence of a
court of law. |
| Land Contract - |
An agreement for the purchase or sale of real
property. (See agreement of sale, conditional sales contract.) |
| Lease - |
A contract between the owner of real property, called
the lessor, and another person, called the lessee, covering conditions under which the
lessee may occupy and use
the property. |
| Legal Description - |
A written description by which property can be located
definitely by reference to government surveys or approved recorded maps. |
| Leverage - |
The use of a small amount of cash to control a large
amount of property values. |
| Lien - |
A charge or encumbrance upon property for the payment
or discharge of a debt. |
| Life Estate - |
An interest in real property, which is held for the
duration of the life of some
certain person. It may be limited by the life of the person holding it or by the life of
some
other person. |
| Liquidate - |
Disposal of property or settlement of debts. |
| Liquidity - |
The ability of property to be exchanged for cash. |
| Lis Pendens - |
A notice recorded for the purpose of warning all
persons that the title or right of possession of certain real property is in litigation.
Gives constructive notice of such litigation. |
| Listing - |
An employment contract between owner and broker
authorizing broker to perform services involving the principal's property. |
| Loan Costs - |
The actual expense for services rendered in obtaining
a loan. Includes appraisal fees, attorney fees, survey fees, loan commissions. Usually
itemized for the benefit of the borrower. |
| M.A.I. - |
Designates a person who is a member of the American
Institute of Real Estate Appraisers |
| Marketable Title - |
Merchantable title; one free and clear of
objectionable liens or encumbrances. |
| Market Price - |
The price the property brings in a given market. |
| Market Value - |
The price a willing buyer would pay and a willing
seller would accept, both being fully informed and the property being exposed for sale for
a reasonable time period. |
| Mechanic's Lien - |
A lien created by statute for the purpose of securing
priority of payment for the price or value of work performed and materials furnished in
construction or repair of improvements to land, and which attaches to the land as well as
the improvements. |
| Moratorium - |
Temporary suspension, usually by statute, of the
enforcement of liability for an obligation. |
| Mortgage - |
An instrument by which property is hypothecated to
secure the payment of a debt. |
| Mortgage Broker - |
One who, for a fee, brings together a borrower and
lender, and handles the necessary applications for the borrower to obtain a loan against
real property by giving a mortgage or deed of trust as security. |
| Mortgagor - |
One who borrows money on his property and gives a
mortgage as security. |
