The American Land Title Association

Annual Percentage Rate

The gradual repayment of a debt through regular partial payments.

An expert estimation of the value of a property based on analysis of relevant data.

A licensed individual who undergoes further education beyond the level of a real estate agent and holds a state real estate broker license.

A written declaration

The series of successive transfers of ownership documented through deeds

The assertion of a right to demand payment or property

Also known as "settlement

A detailed document provided to consumers three business days before loan closing

A summary document presented at closing

An irregularity or potential claim that could affect the property's title.

The fee earned by a real estate broker or professional for their services.

Stipulations within deeds or other real estate documents that make specific rights contingent upon future events.

A formal agreement between parties

A formal agreement or promise made between parties

A legal document transferring ownership of real estate from one party to another.

Failure to fulfill an obligation or task as promised.

A flaw or imperfection

A decrease in value due to wear and tear

A deposit made by a buyer to demonstrate good faith in a real estate transaction.

The right to use or access another's property for a specific purpose.

The right to exit or leave a property.

The government's authority to acquire private property for public use with compensation to the owner.

The unauthorized extension of a structure onto another's property.

A claim or lien against a property held by someone other than the owner.

An addition or modification to a title insurance policy expanding or altering coverage.

The deposit of funds or documents with a neutral third party until conditions of a transaction are met.

A written agreement outlining conditions for the deposit and release of items held in escrow.

(1) A large piece of rural land with substantial improvements. (2) The total assets

The thorough review of documents within a title chain to assess its status.

A professional responsible for assessing and determining the condition of real estate titles.

Items excluded from coverage in an insurance policy

The highest form of property ownership

A mortgage taking priority over other liens on a property.

Legal proceedings to collect on real estate mortgages or liens through the sale of the property.

Insurance covering property against damages such as fire

A person entitled to inherit real estate by law or will.

The right or means of entry onto a property.

Passing away without leaving a valid will.

Co-owners of property with equal rights

A court's decision typically involving the payment of money or other relief.

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An agreement granting use of a property for a specified period in exchange for rent.

A claim on a property as security for a debt.

Notice of a pending lawsuit affecting a property's title.

Title insurance policy protecting the lender against defects in title.

The average between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept.

A lien securing payment for labor or materials used in property improvement.

Describing property boundaries through courses

A loan secured by property

Title insurance policy protecting the owner against undisclosed title issues.

Authorization for one person to act on behalf of another.

A report showing ownership and relevant liens on a property before issuing title insurance.

The cost of an insurance policy.

Legal validation of a will.

A written promise to pay a specified amount at a certain time or on demand.

Records in a recorder's office containing recorded instruments.

A legal action to clear a title of questionable claims or interests.

A licensed real estate professional belonging to the National Association of Realtors.

The privilege of passing through another's property.

An exploration of public records to find all documents relevant to a property's title.

A mortgage ranking below a first mortgage in priority.

The final stage of a real estate transaction involving document signing

A divided area of land with public facilities laid out for development.

The measurement and mapping of land and structures.

Co-ownership with separate interests in a property.

The legal ownership rights to property.

An offer to issue a title insurance policy

Assurances regarding the quality and validity of title conveyed.

Any flaw or claim in a title's validity.

Reviewing documents to assess title status.

Protection against loss from title defects

An insurance company issuing policies.

How ownership is held

Voluntary relinquishment of a known right.