M

Maturity - The date on which an instrument of indebtedness, such as a mortgage or land contract, becomes due and payable.

Mortgage - A pledge of real property as security for the payment of a debt. With a mortgage, the Borrower retains possession and use of the property. A mortgage is typically signed simultaneously with a note.

Mortgagee - The party lending the money and receiving the mortgage.

Mortgagor - The party borrowing money secured by real estate and giving a mortgage.

N

Notary Public - One who is authorized by the state or federal government to administer oaths and attest to the authenticity of signatures.

Notice of Default- A letter sent to a defaulting party as a reminder of the default. Such a notice may state a grace period and the penalties for failing to cure the default.

O

Opinion of Title - A certificate, generally from an attorney, as to the validity of the title of property being sold.

Outstanding Balance - The amount currently owned on a debt.

P

Parcel - A piece of property under one ownership; a lot in a subdivision.

Parcel Number - A number given to a piece of property by the county for tax purposes.

Payment - An agreed upon dollar amount paid in regular instalments by a Purchaser. The most common installment method of land contract payments is monthly payments.

Per Annum - In or for each year annually.

Personal Property - Any property that is not real property. For example, personal property is appliances, cash, securities, furniture, and mobile homes not permanently affixed to a site.

Plat - A plan or map of a specific land area.

Plat Book - A public record containing maps of land and showing the division of the land into streets, blocks, and lots and indicating the measurements of the individual parcels.

Power of Attorney - An instrument authorizing a person to a as the agent of the person granting it.

Premises - Land; an estate; the subject matter of a conveyance

Principal - The original amount of the total due on a mortgage, trust deed or land contract; the principal portion of a payment that portion which is not interest. (See "Amortization" for an example of a payment having both principal and interest portions

Principal Balance - The unpaid balance owed on a mortgage or land contract.

Principal and Interest Payment - A periodic payment, usual paid monthly, that includes the interest charges for the period plus an amount applied to the amortization of the principal balance.

Purchase Money Mortgage - A mortgage given by the Purchaser of real property to the Seller as part of the consideration in the sales transaction.

Purchaser - One who purchases property; also referred to as "Vendee" or "Buyer."

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 who receives title to property.