Also known as an abstract of title. A summary of all documents pertaining to a parcel of land. In some states, abstracts are required to determine the status of a title.
Taxes not paid by their due date.
A legally declared inability to pay debtors resulting in either the protection of the debtor’s property or its division among creditors.
Covenants, conditions and restrictions are the rules governing the use of real estate and are usually enforced by a homeowners’ association.
Also called settlement. The final step in a real estate transaction. All sales, title transfers and loans are completed and recorded.
An individual – often a lawyer – who represents the buyer and handles the legal transfer of a title as well as other closing duties.
Property acquired by one or both spouses during marriage to which each spouse holds an interest, even if not designated by the title.
Anything that affects a property’s legal ownership or marketability.
A down payment made by a purchaser of real estate as a sign of good faith; a deposit.
A right of use or access to one person’s property by another for specific purposes.
Anything that limits or affects a property title, such as a mortgage, easement, or lien.
An estimate of closing fees that must be provided to the buyer before closing. It typically includes all costs to be paid including inspections, title insurance, and taxes.
A set of statutory laws that prevents the forced sale of a land to pay debts (except mechanic’s liens, mortgages, and property taxes) in certain situations.
The standard closing form. A detailed list of all payments (payer and payee) to be made in the closing of a real estate deal.
An encumbrance on a property enacted over a failure to make a payment.
A form of title search usually performed for refinancing or loans involving equity. This type of search is less thorough than full coverage searches.
A lien enacted over failed payments to a property builder or improver.
A loan that uses property as collateral to ensure payment or to secure a claim on the property in the case of default.
A person authorized to acknowledge deeds, authenticate contracts, act as a witness, take affidavits, protest transfers, take dispositions, and perform other official duties.
A local regulation that limits how a piece of land can be used.
A document showing that the holder has a legally recognized right to a property.
An insurance policy protecting its holder from claims, lawsuits, and losses arising from defects in a property’s title.
An examination of documents pertaining to a title to determine its legal ownership and marketability.
Someone who signs a document attesting to its authenticity.
BULLDOG TITLE INSURANCE AGENCY, LLC
Benjamin F. Marshall, IV
Attorney at Law
1810 Roselawn Avenue
Monroe, LA 71201
318-361-0061
1-800-256-LAWS