| A | B |
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| abstract of title | A condensed history of title to land; a summary of all transactions pertaining to the parcel from the time of government entry. |
| action to quiet title | Legal action taken by a property owner to have a court declare him the owner of a particular parcel. This action is usually taken when the merchantability of a land title has been questioned. |
| adverse possession | A method of acquiring title to real property under certain conditions by possession for a statutory period. |
| clear and merchantable title | The term used to indicate that there are no outstanding liens or encumbrances of record against the property excepting only those of the type normally associated with the property to which most lawyers would not object. |
| closing instructions | Instructions supplied by a mortgage company, bank, or other lender listing in detail the procedures required in closing a real estate transaction, including a loan. |
| closing statement | A detailed statement given to a seller and a purchaser showing all moneys received, expended, and due by either party. |
| concurrent ownership | Persons who share the bundle of ownership rights to either real or personal property are said to be concurrent owners. |
| contract formation | The common law contractual requirements of agreement (offer and acceptance), consideration, contractual capacity, and legality all apply to real estate contracts. |
| escrow | A neutral third party (title company, bank, or special escrow company) facilitates the sale by allowing the buyer and seller to complete the transaction without having to exchange documents and funds directly with each other. |
| future interest | When someone who owns real property in fee simple conveys the property to another conditionally or for a limited period of time, the original owner still retains an interest in the land. |
| habendum clause | The “to have and to hold” clause is written into deeds and mortgages to define the transfer of the subject property. |
| instrument of conveyance | Legal documents such as warranty deeds, quit claim deeds, etc., that convey title from one property owner to a new owner. |
| judgment | A court order or decree which represents the decision of the court. When such judgment involves the recognition of a debt and is properly filed, it creates an interest by the judgment creditor in property owned by the debtor in the jurisdiction where filed. |
| lien | A legal claim against property that must be satisfied when the property is sold. |
| life estate | Interest in real property that is transferred to another for the life of that individual. |
| quiet enjoyment | A covenant (promise) by the landlord that the tenant shall possess and enjoy the premises without interference by any third party. |
| real estate | Land and whatever is attached or affixed to it. Generally synonymous with the words “real property” or “immovable property.” |
| recorded plat | A map that is filed with a county recorder’s office showing specific land areas and the boundaries of individual properties. |
| statutory warranty deed | A statutory warranty deed provides three assurances: (1) that the seller has good title and they have authority to sell the property; (2) that the title is free from all encumbrances (i.e. liens, claims of adverse possession); and (3) the seller will warrant the peaceful possession to the buyer and defend the title against claims made against it. RCW 64.04.030. |
| subdivision | The division of a tract or parcel of land or lot into two or more tracts, parcels, or lots for sale or development. |
| survey | Actual, on-the-ground measurement of a parcel of property, giving the location of the property as well as its boundary lines. |
| tax lien | Lien filed for nonpayment of property taxes or for nonpayment of federal, state, or local taxes, or items such as income taxes, sales taxes, Social Security and Medicare taxes, etc. |
| tax sale | The sale of property that results when the property owner has failed to pay the property taxes assessed on the property. |
| term of lease | Duration of the lease, including the beginning and ending dates. |
| testimonium clause | The clause beginning “In Witness Whereof” preceding the signature(s) in a real estate or other type of contract. |
| title examination | A check of the property records in the county recording office to make sure that the seller is actually the owner of the property described in the purchase offer and to determine whether there are no undisclosed claims (liens) against the property. |
| title insurance policy | An insurance policy issued by a title insurance company that insures a title to land against loss resulting from defect in title. |
| transfer or assumption fee | Money paid to a mortgage company or bank as a fee for the transfer and assumption of a mortgage on the mortgage company’s books. |
