Transfer and Closing Flashcards
Execution
Completion of an act or process
Principal
Someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller
Impound Accout
A trust account set up for funds set aside for future, recurring cost relating to a property
Abstract of Title
A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate
Escrow Instructions
Written directions, signed by a buyer and seller, detailing the procedures necessary to close a transaction and directs the escrow agent in how to proceed
Marketable Title
Good or clear salable title reasonably free from risk of litigation over possible defects
Good and Indefeasible Title
Title that cannot be defeated, set aside, or made void by a superior claim
Beneficiary Statement
A statement of the unpaid balance of a loan and the condition of the debt
Will
A written instrument by which a person makes a disposition of his or her property to take effect after his or her death
Actual Notice
Notice given by possession of property
ALTA Policy
American Land Title Association policy of extended title insurance policy; can be purchased by lender or buyer
Grantee
The person receiving the property or to whom it is being conveyed
Love and Affection
The consideration used in a gift deed
Warranty Deed
A deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it; no longer used in California
Quitclaim Deed
Transfer any interest the grantor may have at the time the deed is signed with no warranties of clear title
Guarantee of Title
An assurance of clear title
Closing Disclosure
Settlement statement created by the Consumer Financial Protection Bureau that must be used for any conventional residential mortgage loans that will be sold to Fannie Mae or Freddie Mac, or that are subject to RESPA
Sheriff’s Deed
A deed given to a buyer when property is sold through court action in order to satisfy a judgment for money or foreclosure of a mortgage
Title Insurance
An insurance policy that protects the insured against loss or damage due to defects in the property’s title
Gift Deed
Used to make a gift of property to a grantee who is usually a close friend or relative
Closing
The act of finalizing the transaction in which the deed is delivered to the buyer, the title is transferred, and all costs are paid
Extended Title Policy
An extended title insurance policy
Vesting
The way title will be taken
Codicil
A change in a will before the maker’s death