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The paying off of an existing debt by regular partial payments.

Annual Percentage Rate. The yearly interest percentage of a loan as expressed by the actual rate of interest paid.

One who acts as an agent for another in negotiating sales or purchases in return for a fee or commission.

Beginning with a conveyance out of an original source of title such as a government, each succeeding deed, will, or other medium, which conveys and transfers the title to succeeding owners, constitutes a link in. the chain of title.  The chain of title is the composite of all such links.

The process of completing a real estate transaction during which deeds, mortgages, leases and other required instruments are signed and/or delivered; an accounting between the parties is made, and the money is disbursed; the papers are recorded; and all other details such as payment of outstanding liens and transfer of hazard insurance policies are attended to .

The five-page Closing Disclosure must be provided to the consumer three business days before they close on the loan. The Closing Disclosure details all of the costs associated with their mortgage transactions.

A summation, in the form of a balance sheet, made at a closing, showing the debits and credits to which each party to a real estate transaction is entitled.

An irregularity, possible claim, or encumbrance which, if valid, would affect or impair the title.

Same as "agreement," but usually more formal.

A written document by which title to real estate is conveyed from one party to another.

Loss in value occasioned by ordinary wear and tear, destructive action of the elements, or functional or  economic obsolescence.

Down payment or a small part of the purchase price made by a purchaser as evidence of good faith.

Addition to or modification of a title insurance policy that expands or changes coverage of the policy, fulfilling specific requirements of the insured.

In the title industry, it means depositing with an impartial third party anything pertaining to a real estate transaction, including money and documents of all kinds.  The money and documents are to be disbursed and delivered to the rightful parties by the escrow agent or title company when all conditions of the transaction have been met.

A written agreement usually  made between buyer, seller, and escrow agent, but sometimes only between one person and the escrow agent.  It sets forth the conditions to be performed incident to the object (usually money) deposited in escrow, and gives the escrow agent instructions.

In title industry terms, to peruse and study the instruments in a chain of title and to determine their effect and condition in order to reach a conclusion as to the title status.

Usually referred to, in title industry terms, as the title examiner. One who examines and determines the condition and status of real estate titles.

Insurance policies include a list of items excluded from coverage.  Items excluded from coverage can be found in section two of Schedule B of the policy.

A legal proceeding for the collection of real estate mortgages and other types of liens on real estate, which result in cutting off the right to redeem the mortgaged property and usually involve a judicial sale of the property.

A warranty provision in a deed or mortgage or other real estate instrument containing all of the common law items of warranty.

The liability of real estate as security for payment of a debt. This liability may be created by contract such as a mortgage, or by operation of law, such as a mechanics lien.

A temporary conditional pledge of property to a creditor as security for the payment of a debt may be cancelled by payment.

This policy is purchased for a one-time fee and protects a homeowner's investment in a property for as long as they or their heirs have an interest in the property.

A legal instrument authorizing one to act as another's agent.

The amount payable for an insurance policy.

A written promise to pay or repay a specified sum of money.

Deed that does not imply the grantor holds title, but which surrenders and gives the granted any possible interest or rights that the grantor may have in the property.

A deed that warrants the title only with respect to acts of the Grantor and the interests of anyone claiming, by, through, or under him.

The drawing by a surveyor that represents the property showing measurements, boundaries, area, and contours.

A combination of all elements that constitute the highest legal right to own, possess, use, control, enjoy, and dispose of real estate or an inheritable right or interest therein.

An offer to issue a title insurance policy.  The title commitment will describe the various conditions, exclusions and exceptions that will apply to that particular policy.

Covenants ordinarily inserted in conveyances and in transfers of title to real estate for the purpose of giving protection to the purchaser against possible insufficiency of the title received.

Any possible or patent claim or right outstanding in a chain of title that is adverse to the claim ownership.

Insurance that protects purchasers of real estate and mortgages against loss from defective titles, liens and encumbrances.

A search and perusal of the public records for recorded instruments that affect the title to a particular piece of land.

An insurance company that issues insurance policies either to the public or to another insurer and determines the approval process.