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NEGOTIABLE INSTRUMENT
Any written instrument which may be transferred by endorsement or delivery so as to vest legal title in the transferee.

POINT OF BEGINNING
The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.

COVENANTS AND CONDITIONS
Covenants are promises contained in contracts, the breach of which would entitle a person to damages. Conditions, on the other hand, are contingencies, qualifications or occurrences upon which an estate or property right would be gained or lost.

COMMON WALL
A wall separating two living units.

MECHANIC'S LIEN
A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property.

EASEMENT IN GROSS
The limited right of one person to use another's land (servient estate), which right is not created for the benefit of any land owned by the owner of the easement; that is, there is no dominant estate, as the easement attaches personally to the owner, not to the land.

PROPERTY REPORT
A disclosure document required under the federal interstate land sales act where applicable to the interstate sale of subdivided lots.

JUST COMPENSATION
An amount of compensation to be received by a party for the taking of property under the power of eminent domain.

DEED OF TRUST
A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full.

ANNUAL PERCENTAGE RATE
The relationship of the total Finance Charge to the total amount to be finance as required under the Federal Truth-in-Lending Law.

DEED
A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property.

YIELD
The return on an investment or the amount of profit, stated as a percentage of the amount invested.

NOVATION
The substitution of a new obligation for an old one; substitution of new parties to an existing obligation, as where the parties to an agreement accept a new debtor in place of an old one.

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