5 Title Terms You Should Know
Title insurance can seem like a difficult topic to understand, so we’ve highlighted a few key terms that are important to know before closing time!
Closer
A non-biased third party who works with all participants to facilitate a successful closing of a real estate transaction. At closing, the closing officer will collect the purchase money funds from the buyer and lender as well as the settlement costs from each party. They disburse the funds in accordance with the closing documents and record the necessary documents to transfer ownership of the property.
Escrow Agreement
A contract that outlines the terms and conditions between parties involved in the real estate transaction, and the responsibility of each.
Clear Title
Title that is free of liens or legal questions as to ownership of the property.
Owner’s Policy
A type of title insurance that protects the owner of real estate against loss incurred by defects in, liens against, etc. of the owner’s title.
Lien
A legal claim or “hold” upon property for the payment of a debt.