Grantee
One to whom a grant is made. The purchaser of real property.

I

Impound Account
An account held by a lender for the payment of taxes, insurance or other periodic debts against real property.

J

Joint Tenancy
A means of ownership in which two or more persons own equal shares in real property. Upon the death of one tenant, his/her share passes to the remaining tenant(s) until title is vested in the last survivor.

L

Lien
A recorded document which claims an interest in real property as security for a debt owed. Such liability may be created by contract, such as a deed of trust, or by a court judgement.

Loan-to-Value Ratio
The ratio of the mortgage loan’s principal to the property’s appraised value or its sales price, whichever is lower.