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ABSTRACT OF TITLE:
Condensed history of a title to a particular parcel of real
estate.
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ATTORNEY OPINION OF
TITLE:
An opinion
generated by an attorney after review of abstract of title.
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CHAIN OF TITLE:
The
conveyance of real property to one owner from another, reaching
back to the original grantor.
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CONVEYANCE:
The transfer
of title of land from one to another. The means or medium by
which title to real estate is transferred.
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CURATIVES:
Documents or
evidence to clear defects that appear in an abstract of title.
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DEED RESTRICTIONS:
An
imposed restriction in a deed for the purpose of limiting the
use of the land by future owners.
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DEFECTS:
Any specific
restriction, lien, judgment, mortgage, exception, encroachment
or encumbrance that may effect the property owners ability to
transfer clear title to another party.
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EASEMENTS:
A right to
use the land of another for a specific purpose as for a
right-of-way or utilities; an incorporeal interest in land.
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ENCROACHMENTS:
A
building or some portion of it, a wall or fence, that extends
beyond the land of the owner and intrudes on some land of an
adjoining owner or a street or alley.
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ENCUMBRANCES:
Any
claim by another, such as a mortgage, tax or judgment lien, an
easement, encroachment or a deed restriction on the use of the
land that may diminish the value of a property.
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ENDORSEMENTS:
Specific
terms and provisions stipulated as possible risks that are
covered in Title Insurance Policies. There may or may not be
additional charges for particular endorsements.
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EXAMINATION:
A close
specific review of all aspects of an Abstract of Title in
relation to the survey of the property and the chain of title.
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EXCEPTIONS:
Possible
items that may be omitted or deviate from the original intent.
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FEE INSURANCE:
Assures
future marketability of real property. Specifically protects
the owner from prior defects in the title of real property.
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LIENS:
A right
given by law to certain creditors to have their debt paid out of
the property of a defaulting debtor.
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MARKETABLE TITLE:
Good or
clear title reasonably free from the risk of litigation over
possible defects.
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MORTGAGEE INSURANCE:
Protects
the lender from prior defects in title and assures the priority
of the lien. Required from virtually all lenders who intend to
offer their loans in the secondary market.
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RECORDING:
The act of
entering or recording documents affecting or conveying interests
in real estate in the recorder's office established in each
county.
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RESPA:
Real Estate
Settlement Procedures Act.: Was created to ensure that the buyer
and seller in a residential real estate transaction have
knowledge of all settlement costs. RESPA applies only to new
first mortgage loans and is financed by a federally
related mortgage loan (FHA, VA, HUD, Fannie Mae, Ginnie Mae or
Freddie Mac). Administered by HUD. Transactions covered by RESPA
must have a Good Faith Estimate of Settlement Costs, a
Uniform Settlement Statement (HUD Form 1, and prohibits
the payment of kickbacks.
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RESTRICTIONS:
A
limitation on the use of real property, generally originated by
the owner or subdivider in a deed.
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TITLE:
Evidence that
the owner of land is in lawful possession thereof; evidence of
ownership.
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TITLE INSURANCE:
A policy
insuring the owner or mortgagee against loss by reason of
defects in the title to a parcel of real estate, other than the
encumbrances, defects and matters specifically excluded by the
policy.
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TITLE SEARCH:
An
examination of the public records to determine the ownership and
encumbrances affecting real property.
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FULL SEARCH:
From the
earliest recorded documents of record in the County Clerk's
Office in which the property is located.
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1920 SEARCH:
A search
commencing at a deed recorded on or before 1920 in the County
Clerk's Office in which the property is located [Erie County Bar
Association contract standard].
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STUB SEARCH:
Any
search that does not go all the way back to the first deed of
record. Covers all liens and encumbrances of record as relates
to the title in question for the period of time that the search
covers.
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REDATES OR
CONTINUATIONS:
Full
continuation of title of property and tax search from date the
search was last updated (original search needed).
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INFORMATION SEARCH:
Or
Special Lien Searches. Report of Judgments, Tax Liens and
Uniform Commercial Codes (UCC), etc., along with a Mortgagor
search from the date the owner(s) took title of the property.
