ALTA – American Land Title Association; the national association for title insurance agency
Appraisal – an estimate of value of property from evaluation of details about the property; an opinion of value
Broker – a person acting as a representative for another person in negotiating sales or purchases in exchange for a fee or commission
Closing – also known as a “settlement”; process of completing a real estate transaction in which deeds, mortgages, leases and other required documents are signed and delivered, accounting between parties is made, the money is disbursed, the papers are recorded, and all other details are attended to
Closing Statement – a summary, in the form of a balance sheet, made at a closing, showing the amounts of debits and credits to which all parties are entitled
Covenant – a formal agreement or contract between two parties in which one party gives the other specific promises
Deed – a written document that transfers title to real estate from one party to another
Depreciation – a decline in value from normal wear and tear
Easement – a right held by a person to enjoy or make limited use of another person’s property
Estate – a substantial piece of land; all of someone’s possessions, such as all property, assets, debts, and liabilities left by a deceased or bankrupt person
Examination – the study of the instruments in a chain of title and determination of their effect and condition to decide the status of the title
Good Faith Estimate – an estimate of closing costs the lender is required to give to the buyer within three days of applying for mortgage loan; lender’s estimate
Judgment – a determination by court usually awarding the payment of money to one of the parties to a lawsuit
Loan Policy – a policy of title insurance issued to mortgage lender insuring against loss of title
Mortgage – a temporary provisional guarantee of property to a creditor as security for the payment of debt, which may be cancelled, by payment
Owner’s Policy – a policy of title insurance typically insuring an owner of real estate against loss of the owner’s title
Refinance Rate – the reduced rate for a Loan Policy issued on the new loan in a refinance transaction, in which the original loan was previously insured within some period of years
Reissue Rate – the reduced rate for an Owner’s Policy of title insurance issued on a property, which was formerly insured within some period of time
Survey – a determination of the location, boundaries, area, or elevations of land and structures by means of courses in relation to the North Star, and the measuring of angles and distances; the map or plot drawn by the surveyor which shows the results of a survey
Title – a combination of all components that constitute the highest legal right to own, possess, use, control, enjoy, and dispose of real estate or an inheritable right or interest therein; the rights of ownership recognized and protected by the law
Title Insurance – the coverage against loss resulting from defects in or liens upon a title
Underwriter – an insurance company, which issues insurance policies either to the public or to another insurer