Terms Defined

In real estate measurements (surveying), a chain is 66 feet long or 100 links, each link being 7.92 inches. The measurement may change when used in fields other than surveying.

Units of length in the measurement of land.

Also known as “escrow” or “settlement.”  (1)  Process by which all the parties to a real estate transaction conclude the details of a sale or mortgage. The process includes the signing and transfer of documents and distribution of funds. (2) Condition in description of real property by courses and distances at the boundary  lines where the lines meet to include all the tract of land.

A form of insurance  issued by the title insurance underwriter to Lenders, Buyers and Sellers in a real estate transaction for a set premium.  Available only when title insurance is being issued.  The letter indicates the title underwriter's  responsibilities  for  theft,  misappropriation,   fraud  or  other  failure  of  the licensed  Agent,  or anyone  acing  on the Licensed  Agent's  behalf  to property  handle  and disburse your funds or documents in connection with such Closing.  It is limited to a single transaction, which is closing on a title commitment or binder issued by the underwriter.

Marketable real or personal property which a borrower pledges as security for a loan. In mortgage transactions, specific land is the collateral.

A category of property existing in some states, in which all property (except property specifically acquired by husband or wife as separate property) acquired by a husband and wife, or either, during marriage, is owned in common by the husband and wife. NOTE:  Ohio is not a community property state.

A  system  of  real  estate  ownership  wherein  there  is  separate ownership of units in a multi-unit project with each separate unit ownership being coupled with an undivided share in the entire project less all of the units.

A direct payment plan for disbursement of construction  loan and equity funds through  the title company  as an independent  escrow agent to subcontractors and suppliers upon approval of the owner, general contractor, and lender.
 

Agreement  by one  person  to buy  and  another  person  to sell a specified parcel of land at a specified price, and specifying any contingencies or conditions.

(1) A document  which transfers  an interest  in real property  from one person  to  another;  e.g.,  a  deed.  (2)  The  act  of  executing  and  delivering  a  deed  or mortgage.

A  corporation  is  an  organization  formed  with  state  governmental approval, through the secretary of state where the corporation is registered.   Usually only one corporation can have any given name in each state.   The defining characteristics  of a corporation are (1) the ability to exist and act as a legal entity apart from the individual members; (2) perpetual duration despite changes in the individuals who compose the corporation; and (3) a name by which the corporation can sue and be sued. Corporations are given the right to exist by the state that issues their charter, it has all the legal rights of an individual, except for the right to vote and certain other limitations. It establishes the business as being a separate legal entity from the owner(s). A corporation has a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members. This means that the assets, income, debts, and liabilities of the business belong to the corporation, not to the owner(s).