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GRANTEE The person who receives from the grantor a grant of real property. FUNCTIONAL OBSOLESCENCE A loss in value of an improvement due to functional inadequacies, often caused by age or poor design. 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. VENDOR The seller of realty. The seller under an agreement of sale. SURVEY A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts. DEFAULT Failure to meet legal obligations in a contract, including failure to make payments on a loan. DUPLEX A structure that provides housing accommodations for two families by having separate entrances, kitchens, bedrooms, lanais, living rooms and bathrooms. A two-family dwelling. |
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