Basic Parties Flashcards
Specialist, lawyer, paralegal, or firm that reviews both the quality of title by the conveyancing history and existing encumbrances.
Abstractor
Counsel for either buyer or seller, who advocates their respective positions relative to a contract. May also act as closing agent in some jurisdictions or guarantor of title quality.
Attorney
The realty representative who acts as the basis for agency in the agent/client relationship.
Broker
The lender, whether bank, savings and loan, or other finance source.
Mortgagee
The person obliged to repay a mortgage that secures the home purchase, known as the borrower.
Mortgagor
No person is entrusted with a greater range of tasks, for title search to closing, from client relations to document preparation.
Paralegal
The seller and the buyer.
Parties
Representative of either buyer or seller, or both, depending on listing agreement.
Real Estate Agent
A conveyance of real property for a price, in money or other property, of a stipulated value by the owner to the purchaser. The transfer must be voluntary and is regulated by a contract or agreement of sale.
Real Estate Sale
Central depository for deed filing after closing.
Recorder of Deeds
Person or firm entrusted with effecting formal settlement of the property on the day of closing.
Settlement Agent
Licensed company issuing policies that protect buyers and banks from challenges to title.
Title Insurer
The buyer.
Buyer/Vendee
The seller of any realty.
Seller/Vendor
