KEY TERMS

See “Contract for Deed.”

A grant of the use of land for a term of years in consideration of the payment of a monthly or annual rental.

A form of title insurance policy which insures the validity, enforceability and priority of a lender’s lien. This policy does not provide protection for the owner.

One who takes land under a lease.

One who grants land under a lease.

A hold, claim or charge allowed a creditor upon the land of a debtor. Some examples are mortgage liens, judgment liens and mechanics’ liens.

A grant or reservation of the right of use, occupancy and ownership for the life of an individual.

A notice recorded in the official records of a county to indicate that a suit is pending affecting title to the land in the jurisdiction where the notice is recorded.

A three-page Loan Estimate (also called LE) must be provided to the consumer no later than three business days after they submit a loan application for most mortgages. The Loan Estimate provides information about key features, costs and risks of the mortgage loan for which the consumer is applying.

See “Lender’s Policy.”

A clause in a contract of insurance which says any loss will be paid to two or more parties as their interest may appear. Usually the owner and the mortgage lender.

A part of a subdivision or block having fixed boundaries ascertainable by reference to a plat or survey.