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ESCROW A transaction in which a third party acts as the agent for seller and buyer, or for borrower and lender, in handling legal documents and disbursement of funds. PROPERTY The rights or interests a person has in the thing owned; not, in the technical sense, the thing itself. These rights include the right to possess, to use, to encumber, to transfer and to exclude, commonly called the "bundle of rights." AGREEMENT OF SALE Contract signed by buyer and seller stating the terms and conditions under which a property will be sold. TAX LIEN Claim against a property for unpaid taxes. CLEAR TITLE Title to property that is free from liens, defects or other encumbrances, except those which the buyer has agreed to accept, such as mortgage to be assumed, the ground lease of record, and the like; established title; title without clouds. EXECUTIVE The act of making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed. FARM AREA A selected geographical area or one specific building to which a real estate salesperson devotes special attention and study. QUALIFIED FEE An estate in fee which is subject to certain limitations imposed by the owner. |
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