resources
Dictionary
a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | q | r | s | t | u | v | w | x | y | z
Certificate of Title
A written opinion, executed by the examining attorney, stating the condition of a piece of property based on an examination of the public record.
Chain of Title
The official record detailing successive ownerships or transfers in the history of a piece of property.
Clear Title
A property free of defects, liens, or other legal encumbrances, particularly voluntary liens such as mortgages.
Closing
Also referred to as ‘settlement’ or ‘escrow’, closing is the final step in the process of purchasing real estate and involves the signing and recording of legally binding documents. Upon completion of the closing, ownership of the property has been legally transferred.
Closing Costs
The numerous expenses incurred by buyers and sellers as part of completing a typical real estate transaction. These costs are in addition to the sale price of the property and usually include loan, title, appraisal and attorney fees.
