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WARRANTY
A guaranty by the seller, covering the title as well as the physical condition of the property.

REVERSION
A future estate in real property created by operation of law when a grantor conveys a lesser estate than he has. The residue left in the grantor is called a reversion which commences in possession in the future upon the end of a particular estate granted or devised, whether it be freehold or less-than-freehold.

LEGAL RATE OF INTEREST
The maximum interest rate permitted bylaw, with anything above that rate being usury.

BROKER
One who acts as an intermediary between parties to a transaction. A real estate broker is a properly licensed person who, for a valuable consideration, serves as an agent to others to facilitate the sale or lease of real property.

CHAIN OF TITLE
The recorded history of matters which affect the title to a specific parcel of real property, such as ownership, encumbrances and liens, usually beginning with the original recorded source of the title.

ACRE
A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods.

NOTE
A document signed by the borrower of a loan, stating the loan amount, the interest rate, the time and method of repayment and the obligation to repay. The note is the evidence of the debt. When secured by a mortgage, it is called a mortgage note.

PREPAID EXPENSES
Taxes, insurance and assessments paid in advance of their due dates. These expenses are included at closing.

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