Deciphering Common Title Terms: Part 2
The title industry is vast and complex, with a unique vocabulary all its own. Last week, Arrowhead Title, Inc. took it upon ourselves to help you decipher some of our industry's terms so that you can feel more confident as you navigate your real estate transactions. This week, we're continuing the conversation with some additional terms you are likely to encounter while selling or buying property at the Lake of the Ozarks.
Common Title Terms - Explained
Quiet Title
A quiet title suit is a legal process designed to cancel and/or "quiet" unenforceable claims that have created a cloud on a title.
Restrictive Covenant / Restriction
A restrictive covenant is a limitation of the use of a specific piece of property. It may be imposed by deeds or other documents that appear within the chain of title.
Settlement
Also referred to as "closing" or "close of escrow," a settlement is the time during which the sale of a piece of real property is finalized. The closing costs are paid, the funds are distributed to the appropriate parties, and the title is officially transferred to the new owner(s).
Survey
A survey is an exact measurement of a tract of land, identifying all property corners and boundaries.
Tax Lien
A tax lien is a lien imposed on a piece of property in order to ensure payment of overdue or delinquent real estate taxes.
Title
A title is piece of evidence that legally identifies ownership of a piece of property. It is typically in the form of a deed or other official document.
Title Defect
An outstanding right or patent claim that allows someone to claim full or partial ownership over property that was believed to belong to someone else.
Title Insurance
Title insurance is a unique form of insurance that insures a property owner's right to use and occupy his land for as long as he and his heirs have a vested interest in the property.
Title Search
Title agents conduct a title search when they thoroughly investigate all public records pertaining to a specific piece of property. The purpose of a title search is to identify any outstanding liens, unpaid taxes, title defects, or other items that may threaten a new or existing owner's right to his property.
Underwriter
An insurance company that writes and issues insurance policies on behalf of another company. The underwriter for our Lake of the Ozarks title company is Stewart Title.
Vested Interest
A vested interest is simply a term used to refer to interest in a property that is fixed. Typically, it refers to property owners' interests in their properties.
Zoning
Laws and regulations identifying the purposes a given property may be allowed to fulfill (commercial, residential, industrial, etc).
Arrowhead Title, Inc. Is Here To Fulfill Your Title Needs!
Our title agency has been serving the Lake Area since 1984. We are blessed to be a part of such a great community and are honored to provide title insurance at the Lake of the Ozarks. If you are buying or selling real estate in the area, we hope you'll consider us for your title needs. Our agents are experienced in both residential and commercial transactions, and would be honored to assist you however we can. We look forward to working with you!
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
Common Title Terms - Explained
Quiet Title
A quiet title suit is a legal process designed to cancel and/or "quiet" unenforceable claims that have created a cloud on a title.
Restrictive Covenant / Restriction
A restrictive covenant is a limitation of the use of a specific piece of property. It may be imposed by deeds or other documents that appear within the chain of title.
Settlement
Also referred to as "closing" or "close of escrow," a settlement is the time during which the sale of a piece of real property is finalized. The closing costs are paid, the funds are distributed to the appropriate parties, and the title is officially transferred to the new owner(s).
Survey
A survey is an exact measurement of a tract of land, identifying all property corners and boundaries.
Tax Lien
A tax lien is a lien imposed on a piece of property in order to ensure payment of overdue or delinquent real estate taxes.
A title is piece of evidence that legally identifies ownership of a piece of property. It is typically in the form of a deed or other official document.
Title Defect
An outstanding right or patent claim that allows someone to claim full or partial ownership over property that was believed to belong to someone else.
Title Insurance
Title insurance is a unique form of insurance that insures a property owner's right to use and occupy his land for as long as he and his heirs have a vested interest in the property.
Title Search
Title agents conduct a title search when they thoroughly investigate all public records pertaining to a specific piece of property. The purpose of a title search is to identify any outstanding liens, unpaid taxes, title defects, or other items that may threaten a new or existing owner's right to his property.
Underwriter
An insurance company that writes and issues insurance policies on behalf of another company. The underwriter for our Lake of the Ozarks title company is Stewart Title.
Vested Interest
A vested interest is simply a term used to refer to interest in a property that is fixed. Typically, it refers to property owners' interests in their properties.
Zoning
Laws and regulations identifying the purposes a given property may be allowed to fulfill (commercial, residential, industrial, etc).
Arrowhead Title, Inc. Is Here To Fulfill Your Title Needs!
Our title agency has been serving the Lake Area since 1984. We are blessed to be a part of such a great community and are honored to provide title insurance at the Lake of the Ozarks. If you are buying or selling real estate in the area, we hope you'll consider us for your title needs. Our agents are experienced in both residential and commercial transactions, and would be honored to assist you however we can. We look forward to working with you!
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
Comments
Post a Comment