Category: Glossary

Recorder | A public official that is responsible for keeping all the records of real estate transactions.

Real Estate Owned (REO) | Property acquired back by the lender after it has gone to auction.

Quit Claim Deed | A deed of conveyance that releases any title, interest, or claim, which the grantor may have in the premises.

Quit Title | An action at law to remove an adverse claim or cloud from the title of property.

Pre-Foreclosure | Term used to discuss delinquent properties before they go to the foreclosure auction.

Power of Sale | A clause commonly inserted in mortgages and deeds of trust that are in default, giving the mortgagee (or trustee) the right and power to advertise and sell the mortgaged property at public auction to satisfy the debt.

Power of Attorney | A written document signed by the owner which authorizes someone else to act in behalf of the owner.

Owner Financing (Seller Financing) | A creative method in real estate where the seller of a property agrees to finance all or some of the property. In a sense, the owner acts like a bank.

Offer to Purchasev | A contract expressing of a person’s willingness to purchase a certain property on terms expressed in the offer.

Notice of Sale | The notice of an impending foreclosure sale required by the state. It recites the legal description of the property being foreclosed upon and gives the time, date and place of the pending sale.