Dictionary

A defect in the chain of title of a particular parcel of real estate, a missing document or conveyance that raises doubt as to the present ownership of the land.

A policy that provides coverage for garage businesses (dealers, service stations, garages, parking lots, etc.). Includes coverage for Liability, Physical Damage, and Garagekeepers Losses arising out of owned, non-owned, and hired autos.

A coverage that is part of the Garage policy. Covers a garage risk’s Legal Liability for customers’ autos in the care, custody, or control of the garage. At the insured’s option, can also apply without regard to fault, for an additional premium.

One authorized by his or her principal to represent the principal in a broad range of matters, for example, a property manager.

An individual appointed by an insurer to administer its business in a given territory. A GA is responsible for building the agency and service force. Compensation is on a commission basis, although there may be additional expense allowances. Often called a Managing General Agent (MGA).

A construction specialist who enters into a formal construction contract with a landowner to construct a real estate building or project. The general contractor often contracts with several subcontractors specializing in various aspects of the building process to perform individual jobs.

The right of a creditor to have all of a debtors property, both real and personal, sold to satisfy a debt.

See Partnership.

A deed in which the grantor fully warrants good clear title to the premises. Used in most real estate deed transfers, a warranty deed offers the greatest protection of any deed.

A corporation within HUD that participates in the secondary market. It sells mortgage backed securities that are backed by pools of FHA and VA loans. Chartered as the Government National Mortgage Association (GNMA).