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Glossary of Terms

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Fair Market Value: This is the amount of money that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property could be put and with neither party being under pressure to buy or sell.

Fee Simple Estate: The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferable and inheritable.

Financing Statement: The instrument which is filed in order to give public notice of the security interest and thereby protect the interest of the secured parties in the collateral. (See definition of Security Interest and Secured Party.)

First Mortgage: A legal document pledging collateral for a loan. (See "mortgage") that has first priority over all other claims against the property except taxes and bonded indebtedness. That mortgage superior to any other.

First Trust Deed: A legal document pledging collateral for a loan (See "trust deed") that has first priority over all other claims against the property except taxes and bonded indebtedness. That trust deed superior to any other.

Fixtures: Appurtenances attached to the land or improvements, which usually cannot be removed without agreement as they become real property; examples: plumbing fixtures, store fixtures built into the property, etc.

Foreclosure: Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.

Gift Deed: A deed for which there is no consideration.

Grant: A technical legal term in a deed of conveyance bestowing an interest in real property on another. The words "convey" and "transfer" have the same effect.

Grant Deed: A limited warranty deed using the word "grant" or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor.

Grantee: A person to whom a grant is made.

Grantor: A person who transfers his or her interest in property to another by grant.

Homestead: A statutory protection of real property used as a home from the claims of certain creditors and judgments up to a specified amount.

Hypothecate: To pledge a thing as security without the necessity of giving up possession of it.

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