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Title Glossary

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 as security.

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.