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ALLODIAL SYSTEM
The free ownership of land by individuals.

FILLED LAND
An area where the grade has been raised by depositing or dumping dirt, gravel or lava rock.

POWER OF ATTORNEY
A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.

REDUCTION CERTIFICATE
An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest and the date of maturity.

LOAN-TO-VALUE RATIO (LTV)
The percentage of the loan amount to the appraised value (or the sales price, whichever is less) of the property.

CONTINGENCY
A condition which must be satisfied before a contract is legally binding.

PREPAYMENT PRIVILEGE
The right of the debtor to pay off part or all of the debt without penalty prior to maturity, such as in a mortgage or agreement of sale.

NONDISTURBANCE CLAUSE
A clause inserted in a mortgage whereby the mortgagee agrees not to terminate the tenancies of lessees who pay their rent if the mortgagee forecloses on the mortgagor-lessor's building.

SPECIAL WARRANTY DEED
A deed in which the grantor warrants or guarantees the title only against defects arising during the period of his tenure and ownership of the property and not against defects existing before the time of his ownership.

TENANCY BY THE ENTIRETY
A special joint tenancy between a lawfully married husband and wife, which places all title to the property into the marital unit, with both spouses having an equal, undivided interest in the whole property.

UNDERWRITING
In mortgage lending, the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.

APPRAISAL
The process of estimating, fixing, or setting the market value of real property. An appraisal may take the form of a lengthy report, a completed form, a simple letter, or even an oral report.

CLOSING
The final stage of consummating a real estate transaction when the seller delivers title to the buyer, in exchange for the purchase price.

REBATE
A reduction or kickback of a stipulated charge.

MINERAL RIGHTS
Rights to subsurface land and profits. Normally, when real property is conveyed, the grantee receives all right and title to the land including everything above and below the surface, unless excepted by the grantor.

CALL OPTION
A provision of a note which allows the lender to require repayment of the loan in full before the end of the loan term. The option may be exercised due to breach of the terms of the loan or at the discretion of the lender.

IMPLIED WARRANTY OF HABITABILITY
A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease.

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