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| You
will find this Glossary useful in understanding words or terms used in Real
Estate transactions. However, there are some factors that may affect the
following definitions: |
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1.
Terms are defined as commonly understood in the mortgage and real estate
industry. The same terms may have different meanings in other context.
2. The definitions are intentionally short and non-technical. They do
not include all possible meanings that a term may acquire in legal
use.
3. State laws may modify or change the meanings of certain terms defined. |
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Sales
Agreement
See Agreement of sale.
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Special
Assessments
A special tax imposed on property, individual lots or all property in
the immediate area for road construction, sidewalks, sewers, street lights,
etc.
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Special
Lien
A lien that binds a specified piece of property, unlike a general lien,
which is levied against all one's assets. It creates a right to retain
something of value belonging to another person as compensation for labor,
material, or money expended in that person's behalf. In some localities
it is called "particular" lien or "specific" lien.
(See Lien.)
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Special
Warranty Deed
A deed in which the grantor conveys title to the grantee and agrees to
protect the grantee against title defects or claims asserted by the grantor
and those persons whose right to assert a claim against the title arose
during the period the grantor held title to the property. In a special
warranty deed the grantor guarantees to the grantee that he has done nothing
during the time he held title to the property which has, or which might
in the future, impair the grantee's title.
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Survey
A map or plat made by a licensed surveyor showing the results of measuring
the land with its elevations, improvements, boundaries, and its relationship
to surrounding tracts of land. A survey is often required by the lender
to assure him that a building is actually sited on the land according
to its legal description.
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