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glossary OF reAL
estAte terMs
Heirs: The persons designated in a will, or by
operation of law, to succeed to the estate of a
deceased person.
Hiatus: A gap unintentionally left when describing
two adjacent properties.
incompetent: A person who is incapable of binding
himself to an enforceable obligation.
indemnity: A letter or statement wherein one
party agrees to hold harmless another party from
loss or damage.
ingress and egress: The liberty of entrance and
exit from property.
intestate: A person who dies without leaving a will.
Judgment: A decree entered by the court after
final determination of the rights of the parties in
legal action.
Lease: A contract where the owner grants to
another the possession or use of their property.
Letters of Testamentary: A court order empowering
an individual to deal with a deceased person’s
estate.
Lien: A charge upon real property as security for
the payment of a debt.
Life estate: The interest in property that exists
only for the life of an individual.
Metes and Bounds Description: A legal description
based on footage and direction prepared through
a survey of the property.
Monuments: Objects or markers used to fix or
establish a property boundary.
Novation: Substitution of a new contract, debt or
obligation for an existing one, between the same
or different parties.
Order Confirming Sale: A court order given
during a probate or bankruptcy proceeding which
authorizes the sale of a part of the estate property.
patent: An instrument used by the state or federal
government to transfer title to property.
Personal Representative: A court appointed
individual who is authorized to deal with the
matters of an estate, which was formerly referred
to as an administrator or executor.
Power of Attorney: An authority or instrument
by which one person (principal) enables another
(attorney in fact) to act for him.
probate: A court proceeding in which descendant’s
estate is administered.
Quiet title: A court action that clarifies the title to
real property.
reconveyance: Transfer of title to the previous
owner, or a release of the lien created by a Deed
of Trust.
Reservation: A reservation created by a Grantor in
a deed, which establishes a new right or privilege
for the benefit of the Grantor in the property.
Resolution: A formal declaration of the will of
the group, such as the board of Directors of a
corporation.
Restriction: A limitation upon the owner’s use or
right to deal with their land.
severalty: An estate held by a person in his own
right, without being joined by another person.
special Warranty deed: A deed that conveys
ownership, but only warrants the title to the
property for the time period the grantor has had
title.
Subordination: An agreement in which the existing
lien will take an inferior position to a new or junior
lien.
Take Off: An abstract, copy of a summary of
matters found in the public records which affect
title or rights of person to deal with the property.
testate: A person who dies leaving a will.
trust: Property that is held by one party for the
benefit of another.
Usury: An interest rate that is greater than the
amount which can be legally charged.
Waiver: A voluntary surrender of a right or
privilege, such as the right to file a lien.
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