Chapter 8 Flashcards
(20 cards)
Land description that delineates boundaries and measures distances between landmarks to identify property
Metes and bounds
Acts a a neutral agen between buyer and seller
Escrow holder
The way title will be taken
Vesting
Begin on January 1 and ends on December 31
Calendar year
Written summary of all useful documents discovered in a title search
Abstract of rule
A list of all taxable property showing the assessed value of each parcel, established the tax base
Assessment roll
Taxes used to operate the government in general
Property taxes
An offer to issue a policy of title insurance in the future for a specific fee
Preliminary report
A small and short lived trust arrangement
Escrow
Good or clear salable title reasonably free from risk of litigation over possible defects
Marketable title
A Latin phrase meaning according to value
Ad valorem
Starts on July 1 and runs through June 30 used for real property taxes
Fiscal year
All terms of the escrow have been met
Completed escrow
The division and distribution of expenses and income between the buyer and seller as of the closing date
Proration
An area of land, one square mile, or 640 acres; 1/36 of a township.
Section
A trust account set up for funds set aside for future costs relation to a property
Impound account
Map of a subdivision indicating the location and boundaries of individual lots
Plat map
Taxes used for specific local purposes
Special assessment
An insurance policy that protects the insured against loss or damage due to defects in the property title
Title insurance
A statement of the unpaid condition of a loan and describes the condition of the debt
Beneficiary statement
