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Commonly Used Terms
Joint Tenants - An undivided
interest in property, taken by two or more joint tenants. The
interests must be equal, accruing under the same conveyance, and
beginning at the same time. Upon the death of a joint tenant,
the interest passes to the surviving joint tenants, rather than to
the heirs of the deceased.
Tenancy By The Entirety - A form of
ownership by husband and wife whereby each owns the entire property.
In the event of the death of one of one, the survivor owns the
property without probate.
Tenants In Common - An undivided
ownership in real estate by two or more persons. The interest
need not be equal, and, in the event of the death of one of the
owners, no right of survivorship in the other owners exist.
Tenant In Severalty - One who owns
property alone, without any other person being joined in said
ownership.
Judgment - The decisions of a court
of law. Money judgments, when recorded, become a lien on real
property of the defendant.
Judgments often are filed against
parties that have common or similar names making it difficult to
determine if the judgment is against a party involved in your
transaction. Factors to consider, among others, are social
security numbers, property addresses, spelling of the names, middle
initials, date of judgments, and age of the parties.
Lien - An encumbrance against
property for money, either voluntary or involuntary. All liens
are encumbrances but all encumbrances are not liens.
Settlement Statement/HUD1 - A
statement prepared by broker, escrow, or lender, giving a complete
breakdown of costs involved in a real estate sale.
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