Real Estate Glossary

(1) One entitled to benefit from a trust. (2) The lender on the security of a note and deed of trust. The creditor (lender) under a deed of trust.

Statement by owner of a deed of trust or mortgage against the property setting forth the present status of the debt and lien. Also called a beneficiary statement.

To leave by will.

Personal property that is given by the terms of a will. A gift of personal property by will.

An improvement on real property that increases the value and is considered a capital asset.

A contract in which the consideration given by each party is a promise: that is a promise for a promise.

A written instrument given by the seller to the buyer to pass title to personal property.

A written statement that binds the parties to an agreement until formal contracts can be drawn; an agreement to cover a down payment as evidence of good faith.

Asphalt paving used in streets and driveways.

A deed of trust binding more than one parcel of property as security. It is frequently encountered in subdivisions where every lot in the subdivision is bound by the same deed of trust. As the lots are sold they are released from the deed of trust by a partial release provision.