GLOSSARY OF REAL ESTATE TERMS

PARTY WALL
A dividing wall between adjoining parcels of real property with different owners.

PATENT OF LAND
An instrument by which a state or sovereign conveys a fee simple interest in land to another.

PERSONAL PROPERTY
Things that are temporary or movable by nature. Also chattel or personalty. Compare real property.

PERSONAL REPRESENTATIVE
Someone appointed by a probate court to administer the estate of a deceased person. The appointment is evidenced by “letters testamentary” (if the decedent left a valid will), or by “letters of administration” (if the decedent died intestate). With regard to the sale of real property, a personal representative signs a “personal representative’s deed” to effectuate the transfer.

POWER OF ATTORNEY
A written instrument by which one person (the principal) appoints another (the agent or attorney-in-fact) and confers upon the agent the authority to perform certain specified acts. A power of attorney may be general (authorizing the agent to carry on all of the business of the principal) or specific (authorizing the agent to carry out a specific business transaction). A power of attorney that becomes effective upon the disability or incapacity of the principal is a durable power of attorney. All powers of attorney expire upon the death of the principal.

PROMISSORY NOTE
A written instrument acknowledging a debt and promising repayment.

PRORATE
To allocate the proportionate share of an obligation paid or due to be paid between a buyer and a seller.

PUBLIC TRUSTEE
In Colorado, a government office created by statute for the purpose of releasing deeds of trust and administering foreclosure proceedings related to deeds of trust. There is a trustee for each county in the state and a given county public trustee handles all releases and foreclosure proceedings related to properties located in the county. In other states, these duties are handled by a private trustee (e.g., a title company).

QUIT CLAIM DEED
A written instrument used to release all of the right, title and interest of the grantor in and to a parcel of real property to the grantee. A quitclaim deed does not include any warranties (promises) and there is no implication that the grantor even has any right, title or interest in the property. A quitclaim deed does not convey after-acquired title. Compare bargain and sale deed and warranty deed.