DEFINITIONS AND ABBREVIATIONS OF THE COMMONLY USED DOCUMENTS

Affidavit

o  A document that gives a written or printed declaration or statement of facts and is confirmed by an oath and affirmation.

Assignments

o  A written document transferring an interest in bond, mortgage, lease or other instrument in writing.

Abstract of Judgment

o  A court issued summary of a money judgment to secure payment the judgment creditor and when recorded, it creates a general lien on real property of the judgment debtor in the county in which the abstract is recorded.

Affidavit of Death

o  A document recorded to verify the death and identify the decedent as a former interest holder in specifically described or referenced to real property.

Assignment of Deed of Trust/Mortgage

o  The transfer/sale of a Deed of Trust (loan or debt) from the current lender (beneficiary) to a new beneficiary, which gives them the right to collect the payment of the debt.

Assumption of Trust Deed

o  A new borrower under the terms of the original Deed of Trust assumes remaining loan amount on a Deed of Trust.

Declaration of Severance of Joint Tenancy

o  To evidence that a joint tenancy ownership has been severed by one of the joint tenants without the consent of the other joint tenant.

Decree of Distribution

o  Court order assigning title of property of a deceased person to the heirs.

Deed of Trust/Mortgage

o  An instrument that secures a debt, the repayment of the loan/mortgage encumbered by real property. This is a three party document: the borrower (trustor), the beneficiary (lender), and the trustee who hold title to real property under the terms of a deed of trust.

Deed

o  An instrument in writing, duly executed and delivered conveying or transferring property to another.

Easement

o  An interest in land owned by another party that entitles the holder to specific, limited use. Note: Could be recorded as a deed or easement agreement document.

Federal Tax Lien

o  Taxes levied according to law become a specific lien on all real property located in the county where the lien is filed. If the taxes are not paid, a written document is drawn up whereby the taxing body has the right to enforce their lien which can result in the sale of said property for payment.

Financing Statement (FIN STMT)

o  A written document pledging performance of payment for certain merchandise, goods, equipment, etc. Unlike the financing statements UCC’s filed the state of Utah) this document also contain a lien on real property.

Grant Deed

o  It is the form of deed, which contains implied warranties to the effect that the granter has not previously conveyed or encumbered the real property.

Homestead Declaration

o  A declaration by a property owner that a homestead exemption is being claimed which may protect a portion of the equity in their home from forced sale.

Lease

o  A written document by which the possession of land and/or a building is given by the owner to another person for a specific period of time and for the rent specified.

Lis Pendens (LIS PENDS)

o  A written instrument acting as a lien, giving control to a court over real property involved in litigation. Court action.

Levy

o  Written document to seize property by law for unpaid debts.

Mechanic’s Lien

o  A document recorded to create a lien in favor of a person’s contribution of labor, material, supplies, etc., to a work of improvement upon real property.

Modification Deed Of Trust

o  A document that alters, adds or cancels some of the terms or stipulations but leaves the general purpose or effect of the document intact.

Notice of Contract

o  A written document showing the agreement and terms entered into by two or more parties.

 Notice of Completion

o  A document recorded to evidence that a work of improvement on real property other than public works is completed.

Notice of default

o  A notice to show that the borrower under a mortgage or deed of trust is in default (behind in payments).

Notice of Non-Responsibility

o  A document to evidence that the owner of real property interest will not be responsible for payment of cost of improvements contracted for thereon by some other person.

Notice of Trustee’s Sale

o  A document recorded to notify the public of the foreclosure (sale) proceedings by the trustee for non-payment or non-performance of the conditions of the deed of trust.

Power of Attorney

o  A document recorded to delegate the authority of the principal to his attorney-in-fact (agent) authorizing another person to act for him/her name in a designated capacity.

Quit Claim Deed

o  A written form of conveyance whereby whatever interest the grantor possesses in the property described in the deed is conveyed to the grantee without warranty of the title.

Reconveyance

o  To evidence a full or partial payment of a loan under a deed of trust.

Revocable Transfer on Death Deed

o  Transfers real property to a designated beneficiary upon the death of the owner, without a probate proceeding. Death Certificate is required to transfer ownership.

Special Warranty Deed

o  An instrument in writing by which title to real property is conveyed wherein clear title is not guaranteed by the grantor, heirs or successors.

Substitution of Trustee

o  A document through which the lender (beneficiary), owner, or holder of the note (loan) replaces a new trustee in the deed of trust.

Trust Deed/Deed of Trust

o  A written instrument which coveys legal title to property in trust to secure payment of a loan or debt. In this respect they are similar to mortgages.

Tax Lien

o  Places a lien against a person and may attach to any and all property owned by that person.

 Trustee’s Deed

o  To transfer real property as the result of a duty conducted in the performance of foreclosure proceedings and subsequent sale.

Trustee Deed in Lieu of Foreclosure upon Sale

o  Document recorded to evidence the transfer of real property from the defaulting trustor (borrower) to the beneficiary (lender) in lieu of foreclosure.

Warranty Deed

o  An instrument in writing by which title to real estate property is conveyed wherein clear title is guaranteed by the grantor, heirs or successors.

Writ of Execution

o  A legal order which directs a proper agent of the court (frequently a sheriff).

Etal: Latin meaning (and others)

WF: Wife

HUS: Husband

OL: Other Lands

AKA: Also known as

NKA: Now know as

DBA: Doing business as