Definitions
| deed in lieu | A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. Basically, a side a agreement between borrower and mortgagee to trade the house in order to wipe the first mortgage clean. If there is a second mortgage the mortgagee often wont do it because they will have to settle the second mortgage. |
| Deed | deed is the document that transfers ownership of real estate. |
| CERTIFICATE OF TITLE | The certificate of title lists any encumbrances on the property, such as liens or easements, but does not guarantee good title. Title companies provide certificates of title to lenders that require these documents prior to approving mortgage loans. |
| Quitclaim deed | Quitclaim deed transfers whatever ownership interest a person has in a property. It makes no guarantees about the extent of the person's interest. Quitclaim deeds are commonly used by divorcing couples |
| Grant deed | transfers ownership and implies certain promises -- that the title hasn't already been transferred to someone else or been encumbered, except as set out in the deed. |
| Warranty deed | transfers ownership and explicitly promises the buyer that the transferor has good title to the property, meaning it is free of liens or claims of ownership. The transferor guarantees that he or she will compensate the buyer if that turns out to be wrong. |
| Asignor | A person, company or entity who transfers rights they hold to another entity. The assignor transfers to the assignee. For example, a party (theassignor) that enters into a contract to sell a piece of property can assign the proceeds, or benefits of the contract, to a third party (the assignee). |
| Assignee | A person, company or entity who receives the transfer of property, title or rights from a contract. The assignee receives the transfer from the assignor. For example, an assignee may received the title to a piece of real estate from an assignor. |
| Grantors and grantees | Abstract of judgment Grantor: judgment creditor Grantee: judgment debtor Court order Grantor: plaintiff Grantee: defendant NOTE: In certain counties, these roles may differ. Quitclaim deed Grantor: transferor Grantee: transferee (receiver |
| Lien Priority | Lien priority determines the order in which creditors get paid following a foreclosure. If a lien has priority over another lien, it gets paid before the other lien |
| Mortgages and Promissory Notes | When you take out a loan to purchase a home, you are required to sign two documents: a promissory note and a mortgage. The note is the promise to repay the amount borrowed. The mortgage gives the lender a security interest in your home and permits it to foreclosure on the property if you fail to make the monthly payments. |
| Mortage or Deed of Trust | Gives the bank the ability to use the property as collateral to pay off the loan if they have too. The mortgage is a document that you give to the lender that creates a lien on the property. Florida is a Judicial State that uses Mortages and files for foreclosure in the court system. |
| Mortgager | The Borrow |
| Mortgagee | The Lender |
| Assignment of a Mortgage | When a mortgage is transferred from one party to another, it must be documented and recorded in the county records. The document used to transfer a mortgage from one mortgagee to another is called an assignment of mortgage. |
| Judgment Liens | There may be other liens on the property as well, such as a judgment lien. If you are sued in court for a sum of money and lose the case, the prevailing party will be granted a judgment. That party may then file a judgment lien, which is a lien that attaches to your real estate. |
| Junior Liens | is when a lien is lower in the life cycle than other liens. |
| Deficiency Judgement | junior lien holders can still go after money, does not happen often but can still happen. |
| Condominium Rider | If you are buying a condo, mortgager will force you to sign one. In the Condominium Rider, you agree to comply with all of the condominium rules, including paying all dues and assessments imposed by the condominium. If you do not pay these dues and assessments, the lender may pay them, and any amounts that it pays on your behalf will be tacked on to the loan amount to be paid back by you, with interest. |
Zoning definitions
| Zoning Interpretation | A zoning interpretation is an interpretation of the text of the Land Development Code (LDC) and the official Zoning Atlas | |
| LDC | Land Development Code, states specific use cases allowed and not allowed for each code type. LDC's | |
| FAR | Floor Area Ratio | Floor area ratio (FAR) (also floor space ratio (FSR), floor space index (FSI), site ratio and plot ratio) is the ratio of a building's total floor area (gross floor area) to the size of the piece of land upon which it is built. The terms can also refer to limits imposed on such a ratio. |
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