Tenancy
This type of tenancy is only for married couples.
Tenants by Entireties
A transfer of title to a property is accomplished by recording this document.
Deed
The two forms of payment accepted by a title company at closing are these.
Wire and Cashier’s Check
An unauthorized physical intrusion, such as a fence or shed, onto a neighbor’s property.
Encroachment
This type of insurance protects owners and lenders against financial loss from defects in a title to a property.
Title Insurance
A Co-Owner that receives another co-owner’s share of title when the other owner dies has a right of _____________.
Survivorship
It’s the document that evidences that a debt is owed.
Promissory Note
If a party cannot attend a closing, this document may be needed to allow someone else to sign on their behalf.
POA - Power of Attorney
Title insurance protects against these, which are items the title company excludes from coverage.
Exceptions
This document is a summary of the public records relating to the title to a particular piece of land.
Abstract of Title
Probating the estate of a deceased owner is required in this tenancy.
Tenancy in Common
When you want to transfer a property to a family member, you will most likely use this type of deed.
Quitclaim Deed
This letter protects the lender from fraud by the title agent.
CPL – Closing Protection Letter
Title insurance covers defects that exist before this date.
Effective Date/Policy Date
This type of policy protects the owner against losses from title defects, while this other type protects the lender's interest.
Owner's (Buyer's) Policy and Lender's (Loan) Policy
If a deed recites that title is held by Tom for Tom’s life and the remainder passes to Agnes upon Tom’s death, Tom holds this type of interest.
Life Estate
A mortgage that allows seniors to convert home equity into cash.
Reverse Mortgage
Title insurance provides against this kind of property claim.
Unpaid Liens and Ownership Disputes
A legal, nonpossessory interest in real property that grants a specific person, entity or landowner the right to use another person’s land.
Easement
This term refers to any claim, lien, or liability attached to real property that may lessen its value, such as a lien or easement.
Encumbrance
An antiquated concept requiring an annual payment of a nominal sum for a renewable period of 99 years.
Leasehold/Ground Rent
The document that provides detailed information about a property’s boundaries and any easements or encroachments.
Survey
This, along with ABA Numbers, is a required part of wire instructions.
Account Number
Binding rules created by homeowners associations (HOAs) or developers that dictate how property owners can use, maintain, and modify their land and homes.
CC&Rs (Covenants, Conditions, and Restrictions)
This is the legal term for the right to or ownership of a property.
Title