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Resources 

  • What is a Property Title?
    When you purchase a home, you’re really purchasing the title to the property, which gives you the right to occupy and use it. In another words a title is a document that indicates recognition of ownership.
  • What is the difference between Title and deed?
    Title is the legal way of saying you own a right to something. Deed is the legal documents that transfer title from one person to another.
  • What is a Title search?
    A title search is a detailed examination of the historical records concerning a property. The purpose of the search is to verify the seller’s right to transfer ownership and discover any claims or defects.
  • What is Title Insurance?
    Title insurance protects both real estate owners and lenders against loss or damage occurring from liens, encumbrances, or defects in the title or actual ownership of a property.
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Get to know more
about Title Terms

Affidavit
A sworn statement in writing.

Promissory note
A promise to pay.

 

Effective date of contract
The date on which the last party has signed the contract and delivered it.

Escrow deposit
Advance payment of part of the purchase price to bind a contract for property.

Lien
A hold, a claim, or charge allowed a creditor upon the lands of a debtor.

Closing costs
Loan, title and recording charges disclosed on the Closing Disclosure and itemized for buyer and seller in the contract.

Closing Disclosure (“CD”)
Effective 2015, this is the form now used for all federally regulated loan transactions on residential single-family homes. The final Closing Disclosure is issued three days before closing.

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Seller representation

When a title company or attorney represents the seller in a closing and prepares all the closing documents in addition to clearing title defects, should they arise. Seller documents are also prepared as part of seller representation.

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Deed tax
A tax paid on the sale of a property.

Escrow agent
An escrow agent holds funds “in trust” for a transaction.

Hazard insurance
The homeowner’s insurance policy on the physical property (i.e. roof, structure, etc.).

Owners title insurance policy
This protects an owner of real property against title defects.

Estimated settlement charges
An estimate provided by your bank of your total closing costs and loan terms.

Settlement fees
The fee the title company charges for the processing of the real estate file for the buyer and seller.

Closing statement
Effective 2015, the Closing Disclosure is the form now used for all federally regulated loan transactions on residential single-family homes.
 


Quit Claim Deed
An instrument of conveyance commonly known as a “title transfer” of real property that passes any title, but does not make any representations or guarantee the validity of such title.

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