Title Company
An insurer who researches the title to real estate for the purpose of discovering any unknown liens or encumbrances on the property that may have come into effect before the current purchase of the property. Mortgage bankers lending money to home buyers generally require the purchaser to purchase title insurance. If, after the purchase, a recorded encumbrance surfaces that was not discovered by the title company, it is paid by the title company to the insured as a claim
Popular Real Estate Terms
Monies set aside in the event unexpected repairs are needed to a building or apartment. It may be in the form of an escrow account in which the seller of the property puts funds away if ...
Trading of two or more properties containing separate descriptions and separate financial statements. ...
In taxation losses that can offset ordinary income. Assume john owns and operates an apartment house. Minor tenant damage to the property is used to offset rental income. ...
Wondering what a Judgment Lien is?Well, a Lien can be consensual or non-consensual, right? Meaning it can be forced or agreed upon by way of a bilateral contract. When we say ...
Deterioration in property resulting from its ordinary use and from the aging process. An examples an apartment building that physically deteriorates over the years. ...
Removing a debt by making full payment. A mortgage discharge is a document formally specifying that a mortgage debt have been paid. It is typically recorded in a local property deeds ...
Nonprofit entity disseminating advice and data on the best utilization of land. The address is 1090 Vermont Avenue, NW, Washington, DC 20005, telephone (202)289-3307. ...
Geographical area for which a given governmental agency has authority and responsibility. For example, the jurisdiction of a county court is the county in which it is located. ...
Molding used in corners simulating a quarter of a circle. ...
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