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CHAIN OF TITLE The chronological order of conveyance of a property from the original owner to the present owner. SETBACK Zoning restrictions on the amount of land required surrounding improvements; the amount of space required between the lot line and the building line. FEDERAL TAX LIEN A federal lien which attaches to real property, either if the federal estate tax is not paid, or if the taxpayer has violated the federal income tax or payroll tax laws. PREMISES The subject property, such as the property which is deeded or the unit that is leased. DOUBLE ESCROW An escrow set up to handle the concurrent sale of one property and purchase of another property by same party. GARNISHMENT A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee"). RUNNING WITH THE LAND Rights or covenants which bind or benefit successive owners of a property are said to run with the land, such as restrictive building covenants in a recorded deed which would affect all future owners of the property. |
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