historical sequence of all owners to a particular tract of real property
lis pendens
notice recorded in the real property records that informs
grantor index
alphabetical index of the public real property records that list the last names of all people who are grantors
grantee index
alphabetical index of the public real property records that lists the names of all people who are grantees
quiet title action
judicial proceeding to establish the ownership of real property
title examination
examination of the real property records to determine the ownership
affidavit
sworn statement of fact
endorsement
method of transferring ownership of a promissory note
title insurance
contract to indemnify the insured against loss through defects in the title to real property
title insurance commitment
a commitment or a contract by a title insurance company to issue a title insurance policy
closing
data set forth in a real estate contract on which the parties agree to perform all the promises of the contract
escrow
agreement that requires the deposit of a document or money into the possession of a third party
loan closing
consummation of a loan secured by real property
loan commitment
contract between a borrower and a lender to make and accept a mortgage loan secured by real property
mortgage endorsement
endorsement to a policy of fire and hazard insurance whereby the owner of the insured property
mortgagee loss payable clause
endorsement to a policy of ire and hazard insurance whereby the owner of the insured property and the insurance company agree that any and all proceeds payable under the policy are to be paid directly to the lender
recission
act of repealing or voiding something or some action
settlement cost
all costs involved in the settlement or closing of a real estate transaction
finance charge
term used in the Truth-In-Lending Act to mean any charge or fee payable directly or indirectly by the consumer to obtain a consumer loan
consumer credit
term used in the Truth-In-Lending Act to mean a loan offered or extended primarily for personal, family or household purposes
bill of sale
legal document that transfers ownership to personal property
condominium
form of property ownership in which the owner owns an individual unit in a multiunit building
cooperative
form of ownership of real property in which a corporation owns a multi unit building and leases living space in the building
time-share
form of ownership of real property in which an owner owns the property for a short period
general warranty deed
deed containing full warranty of title
limited (special) warranty deed
deed wherein the grantor covenants and warrants only against the lawful claims of people claiming by through or under the grantor
quitclaim deed
deed that contains no warranties of title
caption
portion of the deed that indicates the country and state in which the deed was signed by the grantor
premises
land and the buildings located on the land
habendum clause
clause found in a deed or mortgage that indicates what estate in real property is being transferred by the deed or mortgage
testimonium
portion of the deed that the grantor signs and the signature is witnessed or notarized
preamble
portion of the deed that sets forth the parties to the deed and the date of the deed