Intentional wrongdoing of an illegal and/or immoral nature that involves dishonesty, criminality, or knowingly exceeding authority for improper reasons.
Also called a “merchantable title,” refers to a property title that a court of equity has determined to be free of material defects and encumbrances and, therefore, fit for unqualified sale.
Also called a “condominium declaration,” the legal document that establishes a condominium.
The right of a supplier of labor or materials to a construction project, whether employed directly by a property owner or indirectly as a sub-contractor to a general contractor, to secure the payment of debts incurred during construction.
Metes and Bounds
A surveyor’s description of a piece of real estate that results in a “legal description” of the land involved, determined by the careful measurement of distances, angles, and directions.
Carelessness or unintentional mistakes in the management of a business, public office, or other responsibility, which lead to unfortunate results but which are not criminal or intentionally malicious in nature.
A ruling by a court that determines that there has been an improper, contrary to statue, inclusion of legal claims or parties, either plaintiffs or defendants, in a single lawsuit.
An archaic term for “half,” generally referring to the level of interest in a piece of real estate.
A suspension of activity, often referring to a voluntary suspension of the collection of debts by a private business or governmental agency, or as the result of a court order.
A value based on a combination of information about a particular borrower that has been derived from the borrower’s loan application, the borrower’s credit report, and property value information. It is considered to be a comprehensive analysis of the respective borrower’s ability to manage credit, and therefore, repay a mortgage loan.
Muniment of Title
A deed, a contract of sale, or a decree proving inheritance that constitutes documentary evidence of title to real property.
Wills made by two people, most often spouses or domestic partners, in which each gives the other his or her estate, either in whole or in part, as stipulated in the wills. Later changes are considered invalid unless it can be proved that a contract is in existence in which consideration for the other party has been taken into account.