Glossary

Q

Quit Claim Deed - A deed that transfers only such interest, title, or right as a Grantor may have at the time the conveyance is executed; a deed without representations or warranties as to the nature of the rights conveyed.

R

Real Estate - Land and everything attached to it.

Real Property - Real estate.

Representations - Descriptions as to the quality or character of something. For example, a building may be represented as being free from structural defects.

S

Sales Price - The mutually agreed upon dollar amount to be paid for a particular piece of property.

Section - One square mile in a government rectangular survey.  There are 36 sections in a six-mile-square township.

Security - Something given as a pledge to payment.

Seller - Individual who has sold real estate; also referred to as Vendor.

Sidwell Number - See "Parcel Number".

Subordinate - One who moves to a lower priority, as a lien would if it changes from a first mortgage to a second mortgage.

Successor - One that receives title to property.

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