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Intermediate1.5 hours16 terms

Property Identification Key Terms

Navigate property records with confidence. This curated collection explains key terms related to property identification, legal descriptions, and ownership records that might be helpful when exploring real estate investments. It's a quick reference for commonly encountered concepts, not a comprehensive legal guide.

Term Collection

1

Title Search

A title search is a comprehensive examination of public records to confirm a property's legal ownership and identify any claims, liens, or encumbrances against it, ensuring a clear title for real estate transactions.

Intermediate11-12 min
2

Easement

A legal right allowing one party to use or access another's property for a specific, limited purpose, without owning the land. It creates a non-possessory interest that can affect property value and use.

Intermediate15-18 min
3

Deed

A deed is a legal document that formally transfers ownership of real property from one party (grantor) to another (grantee), serving as tangible evidence of title transfer.

Intermediate14-15 min
4

Chain of Title

A chronological record of ownership transfers for a specific property, detailing all legal documents that have affected its title from its origin to the present day.

Intermediate14-15 min
5

Legal Description

A legal description is a precise, legally sufficient identification of a parcel of land, defining its exact boundaries and location for official records and transactions.

Intermediate13-14 min
6

Encumbrance

A claim or liability against a real estate property that affects its title and may diminish its value or restrict its use, but does not prevent its transfer.

Intermediate11-12 min
7

Deed Recording

Deed recording is the official process of filing a legal document, such as a deed, with the county recorder's office to provide public notice of property ownership transfer and establish legal priority.

Intermediate13-14 min
8

Property Identification Number

A Property Identification Number (PIN) is a unique numerical code assigned to each parcel of land by local government agencies, primarily for property tax assessment and record-keeping purposes.

Beginner2 min
9

Title Insurance

Title insurance protects real estate owners and lenders against financial loss from defects in a property's title, ensuring clear ownership and safeguarding against past claims.

Intermediate13-14 min
10

Property Title

Property title is the legal right of ownership to a piece of real estate, granting the owner the right to possess, use, and transfer the property. It is distinct from a deed, which is the physical document used to transfer title.

Beginner18-20 min
11

Folio Number

A folio number is a unique identification code assigned to a specific parcel of land or property by local government agencies, primarily for record-keeping, taxation, and legal purposes.

Beginner2-3 min
12

Due Diligence

Due diligence is the critical process of investigating and verifying all material facts about a property and its financials before a real estate acquisition, aiming to identify risks and ensure an informed investment decision.

Intermediate14-15 min
13

Land Registry

The Land Registry is a government department responsible for recording the ownership of land and property, along with any associated rights, restrictions, or burdens. It provides a definitive, state-guaranteed record of title, simplifying transactions and preventing fraud.

Intermediate5-6 min
14

Lien

A lien is a legal claim or right against a property, granted to a creditor, which serves as security for a debt or obligation until it is satisfied.

Intermediate18-20 min
15

Property Survey

A property survey is a detailed map or drawing created by a licensed surveyor, accurately depicting property boundaries, dimensions, and the location of improvements, easements, and other features. It is a critical legal document for understanding and protecting real estate investments.

Intermediate15-18 min
16

Abstract of Title

A comprehensive, chronological summary of all recorded documents and legal proceedings affecting the title to a specific parcel of real estate, tracing its ownership history.

Intermediate13-14 min

Common Questions