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NULL & VOID Having no legal force or effect; of no worth; unenforceable; not binding. RECORDING The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Proper recordation imparts constructive notice to all the world of the existence of the recorded document and its contents. RESPA Real Estate Settlement Procedures Act. RESPA is a federal law that gives consumers the right to review information about loan settlement costs. The law gives you the right to review this information after you apply for a loan, and again at loan settlement. The law only obliges lenders to provide these settlement costs after application. GRANTEE The person who receives from the grantor a grant of real property. SETBACK Zoning restrictions on the amount of land required surrounding improvements; the amount of space required between the lot line and the building line. JUNIOR MORTGAGE A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first. LEGAL NOTICE That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice. RESTRICTIONS Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases. |
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