§ 17-1. Definitions.

(a) In general.

As used herein, the following definitions shall apply.

(b) Estate.

(1) "Estate" means real property and chattels real of every description, including, but not limited to, fee simple estate, leasehold estate, limited estate, and legal and equitable interests in real property.

(2) But the term "estate" specifically does not include land installment contracts, such a contract for the purposes of this subtitle being defined as a legally binding executory agreement under which:

(i) the vendor agrees to sell an interest in property to the vendee and the vendee agrees to pay the purchase price in 5 or more subsequent payments exclusive of any down payment; and

(ii) the vendor retains title as security for the vendee's obligation.

(c) Estate of inheritance.

"Estate of inheritance" means any estate which may descend to heirs, otherwise known as an estate in fee simple.

(d) Mortgage.

The term "mortgage" as used in this subtitle, shall include deeds of trust made to secure the repayment of indebtedness.

(e) Transfer.

"Transfer" means the acts of the parties, or of the law, by which the title to any estate of inheritance or freehold, or any declaration or limitation of use, or any estate above 7 years, is conveyed from 1 person to another.