Title 101
The rights that accompany owning land and property
Title
The form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and closing costs.
Closing Disclosure
Process of retrieving documents evidencing events in the history of a piece of property.
Title Search
Process of reconciling your accounts each day
Daily reconciliation
Money used to demonstrate the buyers willingness to complete a transaction.
Earnest Money
The place where title is recorded
Recording Office
A document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance.
HUD-1
Easements or liens.
Cloud on title
a fraud prevention practice in which a settlement agency sends their escrow bank a list of checks printed each day
when the lender sends the loan funds less their fees to the settlement agency.
Net Funded Loan
It was in this year that the first title insurance company was founded
1876
Form that provides information to the IRS on the sale of the home.
1099-S
Period of time where title issues are resolved
type of file format used by banks to represent escrow account activity
BAI2
Amount (in dollars) the buyer needs to bring to the closing table.
Cash to close
Document which outlines the location and boundaries of a particular property.
Legal title in real property.
Deed of Trust
the title company's promise to issue a title insurance policy for the property after closing
Title Commitment
Process of matching all money taken in to all money disbursed and ensuring that it goes to the appropriate parties. This is done prior to closing.
Balancing
Act of sending funds to the appropriate parties at closing.
Disbursement
protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property
Title Policy
Itemized list of all of the fees or charges that the buyer and seller will pay during the settlement portion of a transaction.
Settlement Statement
Person who searches the chain of title
Title Abstractor
The accounting procedure that proves your trust transactions have been recorded accurately. Involves matching transactions in the bank account, ledger & the trail balance.
Three-Way Reconciliation
Letter that protects (insures) a lender's (or other party's) funds while in escrow prior to closing.