Key Terms

A written declaration by a person executing an instrument, given before an officer authorized to give an oath (usually a notary public) stating that the execution is of the person’s own violation.
Adverse possession
Ownership or interest in land gained by a person other than the owner or record because of continued possession or use over a number of years, usually 18. (Requires court action to establish title.
A written statement made under oath, usually before a notary public, an authorized person, or an appropriate party.
Assignment of rents
Additional security taken, usually in connection with a mortgage or deed of trust, which pledges to the lender any income from rent or leases in addition to the actual property.
Break in the chain
A disruption of the logical order of recorded instruments affecting title to land.
The consummation of a transaction, whether it be a conveyance, encumbrance, or both, usually associated with the process of executing and delivering legal instruments and documents, exchanging and/or disbursing moneys, etc.
Commitment (also called “commitment to insure”)
A list of requirements of what must be done before a title company can insure a title as marketable or a loan as having a certain priority. By this document, a title company is committing to issue a policy if all requirements are fulfilled.
The concept of ownership of a single unit of air space within a multiple dwelling complex, together with joint ownership of the amenities (pool, greenbelts, etc.) and common areas of the structures and land among all unit owners.