Glossary

C

Certificate of Title - A written statement furnished by an abstract or title company or an attorney stating that the title to a piece of property is legally vested in the present owner.

Certification - The act of showing evidence of ownership or debt.

Chain of Title - The history of all the documents transferring title to a parcel of real estate, starting with the earliest existing document and ending with the most recent.

Chattel - Anything owned and tangible other than real estate, for example: furniture, automobiles, and jewelry.

Clear Title - Title not encumbered or burdened with defects such as mortgages, unpaid taxes, or underlying liens.

Cloud on Title - Any condition revealed by a title search that adversely affects the title to a property. Usually cloud on title cannot be removed except by a quit claim deed, release, or court action.

Collateral - Property pledged as security for a debt.

Commit Waste - To neglect property or allow it to be used in a way that lessens its value.

Consideration - A legal right or promise exchanged for the act, promise, or property of another person. For example, in a contract for the purchase of a piece of property, the property itself and the money paid (or promised to be paid) are the considerations made by the property seller and the new property owner, respectively.

Convey - To deed or transfer title to another.

Conveyance - The document, such as deed, lease, or mortgage, used to effect a transfer of property. 

Covenant - A legally enforceable promise or restriction in a contract.  For example, a Purchaser on a mortgage, trust deed or land contract may covenant to keep the property in good repair and adequately insured against fire and other casualties. The breach of a covenant usually creates a default and can be the basis for foreclosure.

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