Terms Defined

The Real Estate Industry has its own unique language and, without some knowledge of this language, you may find yourself a bit confused if you become involved in a real estate transaction. Wayne County Title Agency, Inc. has compiled the following Definition of Terms commonly used in the real estate industry. Whether you are entering the real estate market for the first time or have invested in it before, this handy reference will provide an understanding of basic real estate words and phrases.

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Open-End Mortgage

A mortgage or deed of trust written so as to secure and permit advancing of funds in addition to the amount originally loaned.


The right, acquired for a consideration, to buy, sell, or lease land at a fixed price within a specified time.

Owner’s Policy

A title insurance policy insuring the owner against loss due to any defect of title not excepted to or excluded from the policy.