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An amount of money given as part of the purchase price of property to bind the agreement between buyer and seller.

A right or interest in the land of another, such as the right to cross over another person’s property to reach yours.

The right or power of a governmental body to take property for a public purpose upon payment of just compensation.

A lien affecting the land and improvements, such as a mortgage or Trust Deed.

Market value of property, less any encumbrance or other liens against it.

According to section 17003 of the State of California Financial Code: “…any transaction where any one person, for the purpose of effecting the sale, transfer, encumbering, or leasing of real or personal property to another person, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specific event or the performance of a prescribed condition, when it is then to be delivered by such third person to the grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter.”

An interest in real property which is excluded from the conveyance and remains in the grantor or which had been excluded in a prior conveyance.