Services
Glossary
Abstract of Title: The accumulation of recorded documents relating to a
piece or parcel of land from which an attorney will give an opinion of the
status of the title. This is required in the state of Oklahoma as a
prerequisite to title insurance.
Ad Valorem: "According to value". A method of taxation that uses the
value of the taxed item to determine the amount of the tax. In Oklahoma,
an Ad Valorem tax is the same as property tax.
A.L.T.A.(American Land Title Association): An organization composed of
title insurance companies that decides the standards in the title
insurance industry.
Appraisal: An opinion of value based on a factual analysis of property.
Assignment: A transfer of real or personal property and all rights to said
property to another.
Assumption of Mortgage: Agreement by a buyer to assume an existing
mortgage or deed of trust.
Broker: One who may carry on the business of dealing in real estate via
license by the state.
Builder: A constructor of commercial buildings and individual homes.
Chattel: Personal property.
Closing: The final method in which documents are signed and recorded,
and the sale is completed.
Commercial Property: Property that is zoned for business use.
Commitment: The written report of the title company showing status of
title and pledging to issue a title insurance policy when the requirements
shown therein are met.
County: A political division within a state, usually encompassing one or
more cities or towns. A city may be in more than one county. Oklahoma
has 77 such counties.
County Clerk: In Oklahoma, this is the office where all real estate
documents are filed. Any documents filed in the Clerk's office must have
a check for the appropriate filing fees attached. See schedule for
appropriate fees.
Courtesy Filing: The filing of documents as a courtesy to the customer,
when no closing has been done by the company.
Deed: An instrument that conveys title from one party to another.
Documentary Stamp: Stamped on a Warranty Deed or Quit Claim Deed, a
tax stamp shows the amount of revenue. Revenue is based on the sale
amount, so it is necessary to either put the sale amount on the face of the
document, or supply an affidavit showing the sale amount.
Easement: A recorded right of use affecting real property. An easement
could be for utility purposes or for ingress or egress, for example. All
easements of record would be shown originally on the title insurance
commitment.
Encumbrance: A liability, claim or lien attached to, and therefore binding,
upon real property.
Escrow: Delivery of all necessary sale instruments, including funds.
Executor: The person chosen in the will to carry out, or execute, the
will's terms, now often called the Personal Representative.
Federal Tax Lien: Nonpayment of any federal tax, including income tax,
can result in a Federal Tax Lien being attached to taxpayer's property.
Final Decree: A decree documenting the final decision of all pending
matters in a case before a court.
Foreclosure: The selling of a property in order to satisfy a lien against it,
ending all rights, interests, or title of owners.
Gap: The common title industry name for the period from the effective
date on the commitment to the day of closing and recording of
documents. A "Gap Check" is the title company's search of the public
records for this time period.
Heir: One who receives the estate, or partial estate, of a deceased
person by law.
Indemnity Agreement: Agreement stating that Party A will reimburse Party
B for any possible damage or loss suffered by Party B.
Instrument: Legal documents, such as deeds, mortgages, assignments,
wills, etc., are also known as instruments.
Joint Tenancy: The undivided equal owner interests with right of
survivorship in a property held by two or more parties.
Judgment: The final decision in a court of law.
Legal Description: The description of a parcel of land, identifiable by
metes and bounds, or designated as a Lot and/or Block number.
Lien: An encumbrance for money against property.
Lis Pendens: In Oklahoma, this term is for a notice filed against real
property that gives public notice that litigation has been filed that affects
or involves the real property shown therein.
Living Trust: A form of trust created by individuals that generally exists
for the life of the trust according to the terms of the trust agreement that
created it.
Lot: Referring to any parcel of land.
Marketable Title: Title that may be sold to a buyer, knowledgeable of the
facts and their legal meaning as to liens and encumbrances.
Metes and Bounds: Description of land by exact distance and direction.
Mortgage: Legal document showing a lien upon real property in
exchange for money.
Mortgagee: The party lending the money.
Mortgagee Policy: Title insurance policy insuring the mortgagee against
loss caused by title defects.
Mortgage Broker: One who may carry on the business of dealing in real
estate loans via license by the state.
Mortgagor: The party borrowing the money.
Notary Public: A person legally empowered to witness or certify the
validity of signatures on documents.
Ownership: Rights of ownership include use and enjoyment of property,
excluding others.
Owner's Policy: Title insurance that covers the property holder.
Partial Release: A partial release of property covered by a mortgage.
Payoff: Full payment of an existing loan.
Plat Book: A book that contains plat maps and numbers for a designated
area.
Plat Map: A map of a subdivision, showing the division of a parcel of
land into lots.
Point of Beginning: Used in metes and bounds descriptions to show
where the property begins.
Power of Attorney: Enables one person to act for another.
Probate: The legal term for the process of administering a deceased
person's estate or property through the state courts. General probate
procedure is found in Title 58 of the Oklahoma statutes.
Public Land: Land that belongs to the federal government.
Quiet Title: Court action establishing ownership to real property,
removing any cloud on the title.
Quit Claim Deed: A deed passing any interest, claim or title the grantor
may have in the property to the grantee, without warranty of defects in
title.
Recorder's Office: In Oklahoma, this is the County Clerk's office. For
further definition, see County Clerk.
Recording: This is the act of filing all documents that affect property for
public record for the use of future reference and public notices.
Release: A document releasing property from lien or judgement.
Re-recording: If an error occured on the original recorded document and
is in need of correction, the corrected document must be re-recorded
with the County Clerk's office to show the correction.
Rescind: To cancel a transaction or agreement is to "rescind" it. In title
terms, it most often refers to the right of rescission given individuals to
cancel home loans when refinancing.
Restriction: As to title, this would mean any limitation on the right of use
of a property. A restriction could be created by deed, covenants, or court
order.
Right of Way: A strip of land used for roadway or easement purposes.
Revenue Stamps: In Oklahoma, this is known as Documentary Stamps.
For further definition, see Documentary Stamps.
Second Mortgage: A mortgage that ranks behind the first mortgage in lien
priority due to its later filing of record.
Sheriff's Deed: In Oklahoma, this means the final step in the official
foreclosure of property. This type of deed would be filed after the public
sale and court confirmation thereof.
Survey: The measurement of the boundaries of a parcel of land.
Tax Exemption: Not having to pay property tax or other taxes, granted to
religious, educational and governmental organizations.
Tax Lien: Lien against property for nonpayment of taxes.
Tax Roll: A list of descriptions of parcels of property, their owners and
tax information, kept by the County Treasurer.
Termination of Joint Tenancy: A document that ends a joint tenancy, filed
when one of the tenants dies. Must be accompanied by the original death
certificate.
Title: Evidence of ownership of land.
Title Insurance: Generally, the form of insurance that guarantees title to a
real property against claims that may arise related to matters occuring
prior to the effective date of the policy.
Title Plant: An Oklahoma title industry term that means the set of title
records that are identical to those of the county recorder (clerk). Such a
"plant" is required by law to be updated for the abstract company to
obtain an Oklahoma abstractor's certificate of authority.
Title Report: A report showing the condition of title before a loan
transaction. In Oklahoma, a title report is not an insurance policy
according to state insurance commission guidelines. A title report is also
known in other states as a Title Search.
Title Search: See Title Report.
Tract: A parcel of land.
Unencumbered: Free from liens. Uniform Commercial Code: The set of
laws that provide for the legal rules and regulations governing
"commercial" or "business" dealings and transactions involving
personal property.
Warranty Deed: A deed used to convey title of property from one party to
another, whereby the seller guarantees title to be free from
encumbrances.
Abstract of Title: The accumulation of recorded documents relating to a
piece or parcel of land from which an attorney will give an opinion of the
status of the title. This is required in the state of Oklahoma as a
prerequisite to title insurance.
Ad Valorem: "According to value". A method of taxation that uses the
value of the taxed item to determine the amount of the tax. In Oklahoma,
an Ad Valorem tax is the same as property tax.
A.L.T.A.(American Land Title Association): An organization composed of
title insurance companies that decides the standards in the title
insurance industry.
Appraisal: An opinion of value based on a factual analysis of property.
Assignment: A transfer of real or personal property and all rights to said
property to another.
Assumption of Mortgage: Agreement by a buyer to assume an existing
mortgage or deed of trust.
Broker: One who may carry on the business of dealing in real estate via
license by the state.
Builder: A constructor of commercial buildings and individual homes.
Chattel: Personal property.
Closing: The final method in which documents are signed and recorded,
and the sale is completed.
Commercial Property: Property that is zoned for business use.
Commitment: The written report of the title company showing status of
title and pledging to issue a title insurance policy when the requirements
shown therein are met.
County: A political division within a state, usually encompassing one or
more cities or towns. A city may be in more than one county. Oklahoma
has 77 such counties.
County Clerk: In Oklahoma, this is the office where all real estate
documents are filed. Any documents filed in the Clerk's office must have
a check for the appropriate filing fees attached. See schedule for
appropriate fees.
Courtesy Filing: The filing of documents as a courtesy to the customer,
when no closing has been done by the company.
Deed: An instrument that conveys title from one party to another.
Documentary Stamp: Stamped on a Warranty Deed or Quit Claim Deed, a
tax stamp shows the amount of revenue. Revenue is based on the sale
amount, so it is necessary to either put the sale amount on the face of the
document, or supply an affidavit showing the sale amount.
Easement: A recorded right of use affecting real property. An easement
could be for utility purposes or for ingress or egress, for example. All
easements of record would be shown originally on the title insurance
commitment.
Encumbrance: A liability, claim or lien attached to, and therefore binding,
upon real property.
Escrow: Delivery of all necessary sale instruments, including funds.
Executor: The person chosen in the will to carry out, or execute, the
will's terms, now often called the Personal Representative.
Federal Tax Lien: Nonpayment of any federal tax, including income tax,
can result in a Federal Tax Lien being attached to taxpayer's property.
Final Decree: A decree documenting the final decision of all pending
matters in a case before a court.
Foreclosure: The selling of a property in order to satisfy a lien against it,
ending all rights, interests, or title of owners.
Gap: The common title industry name for the period from the effective
date on the commitment to the day of closing and recording of
documents. A "Gap Check" is the title company's search of the public
records for this time period.
Heir: One who receives the estate, or partial estate, of a deceased
person by law.
Indemnity Agreement: Agreement stating that Party A will reimburse Party
B for any possible damage or loss suffered by Party B.
Instrument: Legal documents, such as deeds, mortgages, assignments,
wills, etc., are also known as instruments.
Joint Tenancy: The undivided equal owner interests with right of
survivorship in a property held by two or more parties.
Judgment: The final decision in a court of law.
Legal Description: The description of a parcel of land, identifiable by
metes and bounds, or designated as a Lot and/or Block number.
Lien: An encumbrance for money against property.
Lis Pendens: In Oklahoma, this term is for a notice filed against real
property that gives public notice that litigation has been filed that affects
or involves the real property shown therein.
Living Trust: A form of trust created by individuals that generally exists
for the life of the trust according to the terms of the trust agreement that
created it.
Lot: Referring to any parcel of land.
Marketable Title: Title that may be sold to a buyer, knowledgeable of the
facts and their legal meaning as to liens and encumbrances.
Metes and Bounds: Description of land by exact distance and direction.
Mortgage: Legal document showing a lien upon real property in
exchange for money.
Mortgagee: The party lending the money.
Mortgagee Policy: Title insurance policy insuring the mortgagee against
loss caused by title defects.
Mortgage Broker: One who may carry on the business of dealing in real
estate loans via license by the state.
Mortgagor: The party borrowing the money.
Notary Public: A person legally empowered to witness or certify the
validity of signatures on documents.
Ownership: Rights of ownership include use and enjoyment of property,
excluding others.
Owner's Policy: Title insurance that covers the property holder.
Partial Release: A partial release of property covered by a mortgage.
Payoff: Full payment of an existing loan.
Plat Book: A book that contains plat maps and numbers for a designated
area.
Plat Map: A map of a subdivision, showing the division of a parcel of
land into lots.
Point of Beginning: Used in metes and bounds descriptions to show
where the property begins.
Power of Attorney: Enables one person to act for another.
Probate: The legal term for the process of administering a deceased
person's estate or property through the state courts. General probate
procedure is found in Title 58 of the Oklahoma statutes.
Public Land: Land that belongs to the federal government.
Quiet Title: Court action establishing ownership to real property,
removing any cloud on the title.
Quit Claim Deed: A deed passing any interest, claim or title the grantor
may have in the property to the grantee, without warranty of defects in
title.
Recorder's Office: In Oklahoma, this is the County Clerk's office. For
further definition, see County Clerk.
Recording: This is the act of filing all documents that affect property for
public record for the use of future reference and public notices.
Release: A document releasing property from lien or judgement.
Re-recording: If an error occured on the original recorded document and
is in need of correction, the corrected document must be re-recorded
with the County Clerk's office to show the correction.
Rescind: To cancel a transaction or agreement is to "rescind" it. In title
terms, it most often refers to the right of rescission given individuals to
cancel home loans when refinancing.
Restriction: As to title, this would mean any limitation on the right of use
of a property. A restriction could be created by deed, covenants, or court
order.
Right of Way: A strip of land used for roadway or easement purposes.
Revenue Stamps: In Oklahoma, this is known as Documentary Stamps.
For further definition, see Documentary Stamps.
Second Mortgage: A mortgage that ranks behind the first mortgage in lien
priority due to its later filing of record.
Sheriff's Deed: In Oklahoma, this means the final step in the official
foreclosure of property. This type of deed would be filed after the public
sale and court confirmation thereof.
Survey: The measurement of the boundaries of a parcel of land.
Tax Exemption: Not having to pay property tax or other taxes, granted to
religious, educational and governmental organizations.
Tax Lien: Lien against property for nonpayment of taxes.
Tax Roll: A list of descriptions of parcels of property, their owners and
tax information, kept by the County Treasurer.
Termination of Joint Tenancy: A document that ends a joint tenancy, filed
when one of the tenants dies. Must be accompanied by the original death
certificate.
Title: Evidence of ownership of land.
Title Insurance: Generally, the form of insurance that guarantees title to a
real property against claims that may arise related to matters occuring
prior to the effective date of the policy.
Title Plant: An Oklahoma title industry term that means the set of title
records that are identical to those of the county recorder (clerk). Such a
"plant" is required by law to be updated for the abstract company to
obtain an Oklahoma abstractor's certificate of authority.
Title Report: A report showing the condition of title before a loan
transaction. In Oklahoma, a title report is not an insurance policy
according to state insurance commission guidelines. A title report is also
known in other states as a Title Search.
Title Search: See Title Report.
Tract: A parcel of land.
Unencumbered: Free from liens. Uniform Commercial Code: The set of
laws that provide for the legal rules and regulations governing
"commercial" or "business" dealings and transactions involving
personal property.
Warranty Deed: A deed used to convey title of property from one party to
another, whereby the seller guarantees title to be free from
encumbrances.
| Humphrey
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| Kasey Bolz Closer kaseyb@enidabstract.com Debbie Bonebrake Closer debbieb@enidabstract.com Cristy Brezina Abstracting cristyb@enidabstract.com Doug Buzzard Abstracting dougb@enidabstract.com Ashley Good Receptionist ashleyg@enidabstract.com Misty Hacker Closer mistyh@enidabstract.com Troy Hersch Title Search troyh@enidabstract.com Todd Humphrey President/Abstracting toddh@enidabstract.com Kyla Latta Abstracting/Ownership Lists kylal@enidabstract.com Mae Moore 1031 Exchanges/Title Insurance/Abstracting/Ownership Lists maem@enidabstract.com Krystal Olsen Title Insurance/Abstracting krystalo@enidabstract.com Jeri Dawn Osland Title Insurance/Abstracting jerio@enidabstract.com Shawn Tuohy Abstracting shawnt@enidabstract.com |
| Humphrey
Abstract Company "Since 1931" 217 West Broadway Enid, OK 73701 P.O. Box 84 Enid, OK 73702 Phone: 580-237-3136 Fax: 580-237-1948 Toll-Free Fax: 877-337-1948 ------------------------------------------------ Guarantee Abstract Company "Garfield County's Oldest Abstract Company" 217 West Broadway Enid, OK 73701 P.O. Box 1641 Enid, OK 73702 Phone: 580-237-5537 Fax: 580-237-1948 Toll-Free Fax: 877-337-1948 ------------------------------------------------ Closing Office Phone: 580-237-2244 Fax: 580-237-2255 |