When it comes to buying a home, the process can get a little daunting. After you have chosen the home, you will then be faced with the long and tedious closing process, during which you’ll have to become familiar with a dizzying array of industry jargon. One aspect of the closing process that most people don’t completely understand is title insurance. Luckily, there doesn’t have to be anything complicated about it! Read on to learn the terms you should be familiar with in order to ensure that you understand every aspect of your closing process.
These are the title service terms that you should know to be prepared when it comes time to sit down at the settlement table.
Key title service terms
- Title
A title is the record of ownership of a piece of land, property, or real estate.
- Title insurance
This crucial insurance policy protects a homebuyer against loss due to problems with the title, such as contested ownership or unexpected liens.
- Title abstract
The title abstract is a document which outlines the entire ownership history of a specific property. The title abstract includes such information as a summary of original grants as well as a truncated history of the conveyances and encumbrances that followed. In addition to this information, the document will also come with certification that the enclosed information is accurate and was thoroughly analyzed.
- Attorney opinion of title
As the name implies, this term simply means that a lawyer has reviewed the information about property ownership and everything contained within the document is true and correct.
- Title search
A title search is the investigation that a title company takes on in order to determine ownership of the property. Title searches will also uncover whether there are any issues that could impact your closing process, such as previously unidentified liens or encumbrances.
- Title endorsement
Title endorsements are attached to your title insurance and outline coverage limitations or additions.
Get In Touch With Residential Title and Escrow Today
At Residential Title & Escrow, we bring peace of mind to the settlement table. If you are looking for a title company to help you through the closing process, please contact us today! You can also fill out our simple online title request form and one of our knowledgeable representatives will get in touch with you promptly. Be sure to follow us on Facebook,Twitter, Pinterest, and Google+ to stay up to date on industry news and events.
Tags: title services, title terms