Seller. Silver Discount Properties, LLC also known as Grantor

Buyer. Any individual and/or entity that is interested in or in the process of purchasing land. Also known as Grantee.

As is. Refers to a property sold without guarantees of any kind.

Assessed Value. The value of a property for tax purposes as determined by the County Tax Collector.

Deed. A legal instrument that conveys title to real property.

Default. Failure to make payments as agreed in a contract or deed of trust.

Down Payment. The portion of the purchase price, paid by buyer (borrower) in cash.

Due Diligence. The process of investigation, performed by the buyer, into the details of a potential investment (e.g. examinations and verifications).

Encumbrance. Anything that affects or limits good or clear title and diminishes the land’s value, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, pending legal action, and unpaid taxes.

General Warranty Deed. A deed that transfers title and guarantees that the title is free of all encumbrances.

Installment Contract. (Purchase Agreement) A contract where the seller finances the purchase and receives installment payments from the buyer.

Legal Description. A proper and formal description of a parcel of real estate that is recognized by law.

Maintenance Fee. A fee that is paid monthly/yearly by property owners of a specific community where the property is located.

Note. A legal agreement where the signer promises to pay a definite sum of money at a specified date. The note may be secured by a deed of trust. Also known as a Promissory Note.

Plat. A drawing of a lot, subdivision, or community by a surveyor, which shows boundary lines, buildings, improvements, and easements.

Processing Fee. A non refundable fee charged by the Seller for processing all paperwork/applications.

Property Tax. A tax levied on real estate, which is based on the purchase price or the value of the property.

Purchase and Sale Agreement. A contract between the buyer and seller specifying the terms and conditions for a sale of real property.

Quitclaim Deed. A deed that transfers title of interest, but offers no warrantees regarding the quality of the title or interest.

Reconveyance. A written document that transfers title to real property from the seller to the owner upon full payment of a deed of trust.

Special Warranty Deed. A deed that warrants the title against defects or claims. The seller promises to defend the title against any claims filed by or through the seller’s heirs.

Survey. A map made by a licensed surveyor that shows a lot’s legal boundaries, improvements, topography, and relationship to surrounding tracts of land.