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General Real Estate Terms & Definitions
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| Term | Definition |
|---|---|
| 'Bare bones' petition |
Initial, tentative filing of a bankruptcy petition that qualifies the petitioner to the benefits of the automatic stay pending the filing of the full petition within the following 15 days. Failure to complete the filing of the full petition will result in the dismissal of the 'face sheet filing' and a bar to any subsequent refilling for the next 180 days. |
| 'Due on sale' clause |
Provision in a deed of trust calling for the total pay-off of the loan balance in the event of a sale or transfer of title to the secured real property. |
| 'Fannie mae' |
Federal National Mortgage Association - the largest secondary-market investor in residential mortgages in the United States. Provides a constant and orderly market for banks to go to when they need to sell mortgages in order to keep their loan portfolios in balance with government-mandated liquidity ratios. |
| 'First' trust deed |
A lien on real property which is superior to any other lien (except property taxes/assessments) of record. |
| 'Freddie mac' |
Federal Home Loan Mortgage Corporation - one of the largest secondary-market investor in residential mortgages in the United States. Provides a constant and orderly market for banks to go to when they need to sell mortgages in order to keep their loan portfolios in balance with government-mandated liquidity ratios. |
| 'Purchase money' deed of trust |
A trust deed, given as part or all of the purchase price of real property, that is secured by the property being bought. |
| 'Two step' mortgage |
A 30 year mortgage split into two separate, fixed rate segments. A '7-23' mortgage is a typical arrangement where the monthly payment for the first seven years is designed to be a lot lower than the monthly payment for the subsequent 23 years. |
| Absolute |
Unconditional; complete and perfect in itself; without relation to or dependence upon other things or persons. |
| Abstract |
A succinct summary; (e.g. an abstract of title; an abstract of judgment, etc.) |
| Abstract of judgment |
The essentials of a money judgment obtained via an adjudicated lawsuit. When an abstract is recorded in the recorder's office the judgment becomes a general lien on all the debtor's property located in that particular county. |
| Acceleration clause |
Clause in a deed of trust or mortgage which 'accelerates' the time when the indebtedness becomes due. As an example, many deeds of trust contain a provision that the note balance shall become due immediately upon the resale of the land or upon the default in the payment of principal and interest. |
| Accommodation recording |
The recordation of title documents as a courtesy by a title company, sans the assumption of responsibility for their correctness or validity. |
| Accommodator |
A party who temporarily holds the sale proceeds of a property, on behalf of the seller, who is involved in a 1031 exchange. |
| Acknowledgment |
A formal declaration before a duly authorized officer (such as a notary public) by a person who has executed an instrument that such execution is his own. An acknowledgment is necessary to entitle an instrument (with certain specific exceptions) to be recorded, to impart constructive notice of its contents, and to entitle the instrument to be used as evidence without further proof. The certificate of acknowledgment is attached to the instrument or incorporated therein. |
| Acquiescence |
Implied acceptance by an informed party. Witnessed by conduct that recognizes the existence of a transaction and permits it to be carried into effect; implied acceptance. |