GLOSSARY OF REAL ESTATE TERMS

N/K/A
Now known as.

NOTARY PUBLIC
A person authorized by law to attest and certify certain documents by his or her hand and official seal.

NOTICE OF ELECTION AND DEMAND
In Colorado, a document (1) indicating that a lender is the beneficiary of a deed of trust encumbering a parcel of real property; (2) stipulating that the borrower is in default on the underlying obligation; and (3) requesting that the public trustee commence foreclosure proceedings to satisfy the debt. The document is submitted to the public trustee (and recorded) and marks the beginning of the foreclosure process.

O&E
An acronym for ownership and encumbrance. An O&E is a limited search of record title for a parcel of real property. One requesting an O&E will receive a copy of the last deed in the chain of title and pertinent pages of mortgages that have not been discharged. An O&E may involve a name search, in which case proffered documents would include copies of non-consensual liens (e.g., judgments, tax liens) against the grantee named in the last deed. An O&E does not involve a full search of the chain of title, nor does it involve an examination of the proffered documents. Compare title insurance commitment.

OPTION
A right, given for consideration, to purchase or lease a parcel of real property upon specified terms within a specified time.