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A compilation of the recorded documents relating to a parcel
Action of offeree in agreeing to terms of an offer, thereby
creating a contract.
provision in a mortgage or other contact that gives a party
(such as a lender) a right to demand immediate payment of an
entire principal balance.
declaration made by a person signing a document before a
notary public or other officer.
mortgage under which the lender may change the interest rate
periodically on the basis of changes in a specified index.
length of time between the adjustment dates for an
party responsible for probate of an intestate estate.
party responsible for probate of an intestate estate.
or occupancy of real property under circumstances that indicate
that such use is by right on the part of the possessor. Adverse
possession may establish title if continued a certain period of
time, at common law, twenty years.
process of reducing a debt by regular payments of both principal
APR - Annual
cost of credit expressed as an annual rate. It is defined and
calculated by using a formula set by federal law and disclosed
to the borrower to aid in comparing different credit plans. All
finance charges imposed by a lender are included in this
calculation, and an APR is always higher than the simple
interest rate when such finance charges such as points,
origination fees or mortgage insurance are charges by a lender.
value of a property at a given time, based on facts regarding
location, improvements, etc., of the property and surroundings.
value of real property established for the purpose of computing
real property taxes.
process by which a person sells, transfers and/or assigns their
rights under an agreement.
loan secured by a mortgage or deed of trust containing no
"due on sale" provision. Most pre-1989 FHA loans and
pre-1988 VA loans are assumable without qualification. Some
newer loans may be assumed with the express permission of the
by a buyer to assume the liability under an existing note
secured by a mortgage or deed of trust.
Process of creating a lien, security interest, or other
creditor's interest in property; results when the creditor has
complied with all requirements.
person authorized to act on behalf of another, usually by grant
of a written power of attorney.
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note calling for periodic payments that are insufficient to
fully amortize the face amount of the note prior to maturity, so
that a principal sum known as a "balloon" is due at
gift of personal property by will.
person designated to receive the income or other proceeds, as
from a trust or estate.
form of second mortgage that is collateralized by the borrower's
present home (which is usually for sale) in a manner that allows
the proceeds to be used for closing on another property before
the present home is sold.
agent who negotiates contracts for purchase and sale or real
Massachusetts, real estate brokers and salespersons are licensed
by the state Real Estate Board.
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from sale of a capital asset, such as real property.
to legal authority, such a case, statue, regulation or
chronological order of conveyance of a parcel of land from the
original owner to the present owner.
a real estate transaction, a meeting in which the deed is
delivered to the buyer, payment is made to the seller, title is
transferred, and agreed-on costs are paid. Also called
uncertainty, doubt or claim against the rights of the owner of a
written promise to make or insure a loan for a specified amount.
determination that a building is not fit for use or is dangerous
and must be destroyed; or, the taking of private property
form of real estate ownership in which a property is divided
into individually-owned units and common areas, the common areas
being owned by the unit owners in undivided shares.
price or thing (tangible or otherwise) given in exchange as part
of an agreement or contract. For example, in a purchase and sale
or real estate, the considerations are the buyer's money and the
dependence upon a stated event which must occur before a
contract is binding.
mortgage that is not insured or guaranteed by the federal
adjustable-rate mortgage (ARM) that can be converted to a
fixed-rate mortgage under specified conditions.
form of ownership in which the residents of a multiunit housing
complex own shares in a cooperative corporation which owns the
property and each resident the right to occupy a specific
apartment or unit.
Label given to ownership of property by more than one person.
A form of business organization in which the business is a
legal entity separate from its owners and employees.
Corporations can act, own property, or have claims brought
against them in their own name, as compared, for example, to a
sole proprietorship, in which all legal benefits and liabilities
(even where a business name is used) are personal to the owner.
made by the Defendant against the Plaintiff in a lawsuit.
Promise that affects or limits the use of the conveyed
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Deed creating a condominium.
Instrument used to convey title to real property.
Lieu of Foreclosure
used by a borrower surrendering title to his/her property to
prevent lender foreclosure.
Security interest in real property in which title is held by
a trustee until the borrower and occupant of the land repays the
beneficiary (lender) in the amount of the loan.
to comply with a contractual obligation.
of real property by will.
Discharge of Mortgage
from a lien holder releasing a mortgage once it has been paid in
Massachusetts Department of Revenue
Agency responsible for enforcing the Commonwealth's tax, child
support and municipal finance laws.
common law, rights of a widow in real estate owned by her
deceased husband during their marriage. Under Massachusetts
statute, dower rights are gender neutral.
on Sale Clause
provision in a mortgage or deed of trust that gives the lender
the option to require payment in full of the indebtedness upon
transfer of title to the property (or any interest therein).
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Right to use another's property for a specific purpose.
that benefits a particular tract of land; generally an access
easement or right of way.
easement that does not benefit a particular tract of land; e.g.
utility easements that run through all parcels of land in an
constitutional right for a governmental entity to acquire title
to private property for public purposes, with the payment of
claim, lien, or charge against real property.
EPA - Environmental
agency responsible for the enforcement of environmental laws.
whereby property of a decedent is given to the state because of
no available heirs.
of money, property or a deed into the custody of a third party
or delivery to a grantee only after the fulfillment of the
party responsible for the probate of a decedent's estate
pursuant to the decedent's will.
party responsible for the probate of a decedent's estate
pursuant to the decedent's will.
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A Federal lien imposed for non-payment of taxes.
Term referring to an inheritable interest in land.
land interest; full title; right to convey or transfer by will
or mortgage without restriction.
term for fee simple.
fee simple estate that can be lost by violation of a condition
or use restriction placed in the transfer by the grantor.
title to land so long as certain conduct is avoided; e.g.,
"To A so long as the premises are never used for a
Simple Subject to a Condition Subsequent
title provided that there is compliance with a condition; e.g.,
"To A upon the condition that the property is used for
title restricted in its passage to direct descendants of the
in position of trust and confidence with another; an agent or
Document filed to protect a security interest
in personal property.
property that becomes attached to and is so closely associated
with real property that it becomes a part of the real property.
Process of selling mortgaged property to satisfy the debt
owed by the defaulting mortgagor.
of rights, claim or interest as a result of one's failure to
meet one's legal obligations.
uncertain or unlimited in their duration.
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Person to whom land is conveyed.
Person conveying title to land.
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entitle to a portion of a decedent's estate.
protection that exempts principal residence to a certain dollar
amount from certain creditor claims.
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equitable remedy in the form of a court order requiring a party
to perform an act or cease certain conduct.
agreement wherein the buyer makes payments to seller. Buyer has
equitable title and seller has legal title until paid in full.
Also known as 'contract for deed' or 'contract for sale'.
used in law to describe agreement gifts made while living.
the estate or condition of failing to leave a will at death.
method for distributing the property of those who die without a
that does not result from a contractual arrangement or consent; e.g., a tax
lien or a judicial lien.
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undivided interest in property, taken by upon death of a joint
tenant the interest passes to the surviving joint tenants,
rather than to the heirs of the deceased.
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Agreement between the owner of land and another party for the
use and occupation of the land.
method that permits potential buyers to lease property for a
period with an option to buy.
Revocable right to enter another's property.
encumbrance against property for money, either voluntary
(mortgage), involuntary (judgment), or by operation of law
(property tax lien).
estate in real property for the life of a living person.
partnership with at least one general partner in which limited
partners can purchase interest and be held liable only to the
extent of their interest and not risk personal liability.
legal notice recorded to show that a court suite or action
affecting a particular property is pending.
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of title generally required to be delivered at the sale of
property; property is free from liens and no defects in title
other than those noted or agreed to.
Lien put on by the Commonwealth of Mass for non-payment of
evidencing that payment of taxes to the Commonwealth of Mass has
The document recorded in a condominium development to reflect
the location of the project and t
he individual's unit.
lien created by statute for the purpose of securing priority of
payment for the price or value of work performed and materials
furnished in construction of repairs or improvements to land.
of land description that begins with a permanent object and then
through distances and directions describes the parcel of land.
Lien on real property used to secure a debt.
who lends money and holds the mortgage lien on a property.
One who borrows money to purchase property.
A Lien put on by each City and or Town shows that taxes are
paid up to date.
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easement that prohibits a property owner from doing something
that affects the property of another.
that does not comply with the area's zoning but that existed
prior to the time the zoning was effective.
written promise to repay a certain sum of money on specified
Usually refers to property being assumed for sewage
of recording statute that gives later bona fide purchasers
priority in the case of multiple purchases for the previous
purchaser's failure to give notice by recording their
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Initial communication in contract formation that, if
accepted, results in the formation of a contract.
that pays commission to whichever broker or salesperson sells
the property; permits the owner to list with more than one and
be liable for only one commission.
unilateral right to do something. For example, the right to purchase property during a certain period of time.
This right is paid for with consideration.
A document, usually issued by a conservation commission,
containing conditions that regulate or prohibit an activity
proposed in resource area (e.g.wetlands).
Laws passed on a local level of city, county or state
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of distributing property to heirs whereby those closer in
relation to the decedent receive greater shares.
Method of land description that relies on a recorded map of a
subdivision, with each deed making reference to the map and the
particular lot being conveyed.
born after the death of the decedent.
words of conveyance in a deed; e.g., "do hereby grant and
in mortgage or promissory note that requires the mortgagor to
pay an additional charge for paying off the loan early.
of acquiring an easement through adverse use of the easement
over a required period of time..
of collecting the assets of a decedent; paying the decedent's
debts, determining the decedent's heirs, and distributing the
property to the heirs.
debt instrument that, in real estate, is generally secured by a
mortgage or a deed of trust or some other interest in real
loan obtained in conjunction with the purchase of real estate.
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right-of-way as it existed when there was unity of ownership in
a parcel of land.
action brought to determine the true owner of a piece of land.
that serves to transfer title if the grantor has any such title;
there are no guarantees that the grantor has any title or good
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Real Estate Investment Trust
A form of real estate syndication in which investors hold
trust estates and enjoy profits of trust's real estate holdings.
Real Estate Settlement Procedures Act
federal law which regulates the settlement practices within the
real estate industry.
Process of placing a deed or other document on the public
records to give notice of a transaction or interest in land.
The repayment of a loan from the proceeds of a new loan using
the same property as collateral.
future interest in someone other than the grantor; a remainder
follows a life estate.
The cancellation of a contract by law or consent by the
Future interest in grantor that results after life estate
terminates and no remainder interest was given.
legal right to take or resume possession of land, or the right
of a person to go onto another's real property without
In mortgage foreclosures, the right of the mortgagor to
redeem his or her property for six months after the foreclosure
sale by paying off the debts and costs of the foreclosure.
that prohibits the control of estates from the grave; provides a
cap on use restrictions on contingent remainders and executory
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a deposit of money to secure performance.
loan secured by a mortgage or trust deed in which the lien is
junior to a first mortgage or deed of trust.
A will that is acknowledged or notarized and thereby enjoys
the presumption of validity if executed with all the
formalities required by state law.
Form of title given to a buyer of a property that was sold
under court order to pay off a debt.
Civil Relief Act
(formerly the Soldier's and Sailor's Civil
Federal law that protects servicemembers from being sued while
in active military service.
that provided warranty of title only for the period during which
the grantor owned the property.
Equitable remedy that requires a party to a contract to
perform the contract promise or promises.
dictating what types of contract must be in writing to be
enforceable. Contracts concerning real estate must comply with
the statue of frauds.
Parcel of land developed with building lots, streets, homes,
in which a tenant leases rental property to another, and the
tenant becomes the landlord to the subtenant.
process by which a lien holder agrees to permit his lien to
become junior or "subordinate" to another lien.
who stands as a guarantor for an obligation; as in payment or
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Term used to describe the government action of using private
property for public purposes.
Form of title given in the event property is sold to satisfy
taxes; carries no warranties.
placed on property for amount of unpaid taxes.
sale on property for nonpayment of taxes.
by the Entirety
Form of co-ownership between a husband and wife; a joint
tenancy. Husband and wife each own the entire property.
Simplest form of co-ownership. Each owner owns his/her
percentage of the property.
Disposition by will.
of multiunit housing in which owners own the unit for a limited
period of time during each year.
of the history of title to a parcel of land.
Insurance that protects the lender ("Loan Policy")
or the owner ("Owners Policy") in the event
certain title defect arise.
of mortgage law that puts title in the mortgagee and possession
in the mortgagor.
method of registration of land title, designed to prevent the
selling of the same parcel of land to more than one person.
of land record that keeps history of title through
identifications within the particular tract.
party responsible for handling the property of another; as in
deed of trust or real estate investment trust.
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UCC - Uniform
laws governing commercial transactions.
interest rates in excess of the statutory allowed maximums.
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Approved uses of land outside the scope of an area's zoning.
remainder that will automatically take effect when the life
A lien created because of a contract as opposed to a tax
lien, which is involuntary.
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intentional or voluntary relinquishment of a known right.
promise that a proposition or fact is true.
that conveys title and carries warranties that the title is
good, that the transfer is proper, and there are no liens and
encumbrances other than as disclosed in the deed.
passage, path, road, or street, or a right of passage over land.
on which water covers the soil or is present either at or near
the surface of the soil all year or much of the year, such as
swamps and marshes. Wetlands are subject to extensive government
regulation, and there are variations among legal definitions in
Document used to specify the transfer of property after the testator's
form of loan transaction, sometimes used in seller-financing, in
which the lender assumes (or continues to have) responsibility
for a pre-existing mortgage (i.e. the new mortgage
"wraps-around" the first).
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government land use regulations, including provisions permitting
or prohibiting particular uses (such as business or residential)
in defined areas.
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