Oconee County Real Estate
Real Estate Terms | A
Tax
As applied to real estate, an enforced charge imposed
on persons, property or income, to be used to support
the State. The governing body in turn utilizes the funds
in the best interest of the general public.
Title
As generally used, the rights of ownership and possession
of particular property. In real estate usage, title
may refer to the instruments or documents by which a
right of ownership is established (title documents),
or it may refer to the ownership interest one has in
the real estate.
Title Insurance
Protects lenders or homeowners against loss of their
interest in property due to legal defects in title.
Title insurance may be issued to a "mortgagee's title
policy." Insurance benefits will be paid only to the
"named insured" in the title policy, so it is important
that an owner purchase an "owner's title policy", if
he desires the protection of title insurance.
Title Search or Examination
A check of the title records, generally at the local
courthouse, to make sure the buyer is purchasing a house
from the legal owner and there are no liens, overdue
special assessments, or other claims or outstanding
restrictive covenants filed in the record, which would
adversely affect the marketability or value of title.
Trustee
A party who is given legal responsibility to hold property
in the best interest of or "for the benefit of" another.
The trustee is one placed in a position of responsibility
for another, a responsibility enforceable in a court
of law. (See deed of trust.)
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