Assessments – Charges for
a particular piece of property as determined by the municipality
of the location of the property.
Example: Real estate taxes, sewer assessments, water assessments
Chain of Title – The examination
of the land records to ensure that the current owner of the property
received valid title from the owner prior to that. Accompllished
by examining each deed that conveyed the title to the property.
Full Title Search – A complete
search of the land records concerning a particular piece of property.
The search will generally go back in time for seventy-five years.
Lien – A restriction on
a certain parcel of property that usually reflects an amount of
money due to a third party from the owner of the property, which
may or may not be related to this property.
Mortgage – A consumer loan
for the purpose of buying a home, using the home you are buying
Refinance – A new loan that
replaces your existing first mortgage.
Run-down – The term used
to mean that one does not need a full title search to a parcel
of property, but rather a search limited to the time the current
owner has had title to the property.
Title Insurance – An insurance
policy issued by a title company to protect the named insured
against any claims to the legal title of property by third parties.