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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. PERFORMANCE BOND A bond, usually posted by one who is to perform work for another, which assures that a project or undertaking will be completed as per agreement or contract. VERIFICATION OF DEPOSIT (VOD) Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history. BENEFICIARY A person who receives the benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will, insurance policy or trust. RESTRICTIVE COVENANT A private agreement, usually contained in a deed, which restricts the use and occupancy of real property. |
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