Date of Policy
Date of recording of deed, mortgage or other interest being insured as evidenced by the later date search report.
Money owing from one person to another.
One who owes a debt.
An instrument in writing that, when executed and delivered, conveys an interest in real property.
Deed and Money Escrow
An agreement in which money is deposited with a third party to be delivered to the seller of real estate upon receipt of the deed to the property sold.
Limitations in the deed to a property that dictate certain uses that may or not be made of the property.
A blemish, imperfection or deficiency. A defective title is one that is irregular and faulty.
(1)Title to a negotiable instrument obtained by fraud. (2) Title to real property which lacks some of the elements necessary to transfer good title.
Deposit, Earnest Money
A sum of money or other consideration tendered in conjunction with an offer to purchase rights in real property.
Decline in value of a house due to wear and tear, adverse changes in the neighborhood, or any other reason.
The exact location of a piece of real property stated in terms of lot, block, tract, part lot, metes and bounds, recorded instruments, or U.S. Government survey (sectionalized). This is also referred to as legal description of property.
Upon completion of closing, funds to be paid out to respective parties in conjunction with the RESPA and/or closing statement.