Glossary of Real Estate Terms
Adverse Possession - Possession inconsistent with the right of the record owner.
Deed - A written instrument duly executed and delivered for the purposes of conveying title to real estate.
Easement – A privilege or right of use of enjoyment which one person may have in the lands of another; for example, a right-of-way for utility lines or joint driveway.
Encroachment – The presence of a structure or any improvements partly or entirely upon the property of another.
Encumbrance – Any right to or interest in land which may e held by third parties to the lessening of the value of the title to real estate; such as a judgement, unpaid taxes, other liens or easements.
Equity – The interest or value which an owner has in real estate over and above the depts. Against it.
Grantee – The buyer of real estate
Grantor – The seller of real estate.
Lien – A hold or claim which one person has upon the property of another as a security for some debt or charge.
Mortgagee – The lender under a mortgage.
Mortgagor – The borrower under a mortgage.
Restriction – A limitation placed upon the use of real estate. Some common restrictions are setback lines prohibiting the erection of any part of a building less than a specified number of feet from the street line.
Title – The sum of all the facts on which ownership is founded, or by which ownership is proved.
Title Defect – Any circumstance that adversely affects or restricts the title or marketability of the property.
Title Failure – Any circumstances that defeats the right of ownership of property by the owner of record.
Title Search - - The examination of records comprising a history of the title to real estate. Vermont Title Standards require a 40 year search period.
Warranty Deed – A deed containing a covenant whereby the grantor agrees to protect the grantee against any claimant not recited in the deed.