More Real Estate Settlement Terms to Know
These are a few more real estate terms you should know before going to closing.
- Escrow
- A process where a third party holds a deed, moneys paid, and transaction documents until certain contingencies are met. The escrow agreement details what conditions must be satisfied before disbursing the money and documents and instructs the escrow agent on disposition of the objects held in deposit.
- Examination
- In real estate industry terms, an examination is a study of the chain of title to determine the status of the title.
- Exceptions
- A list of items excluded from coverage in a title insurance policy.
- First Mortgage
- A mortgage that has priority position over other mortgages or liens on the property. Priority position means that it must be paid first before anything else.
- Foreclosure
- A legal proceeding usually resulting in a judicial sale of the home to satisfy defaulted mortgages and liens.
- General Warranty
- Also known as a full warranty, and contains all of the common law items of warranty.
- Ingress
- The right to enter a property or the place on adjoining property used to access your own.
- Lis Pendens
- Public legal notice that a lawsuit is pending.
- Mechanic’s Lien
- A lien, or claim, on proceeds of a property sale due to people who have not been paid for labor, services, or materials from construction or improvement projects.
- Metes and Bounds
- A description of a property’s boundaries using courses, directions, distances, and monuments.
- Premium
- The amount payable for an insurance policy.
For Title Insurance in Highlands Ranch
Before you get to your closing, you will want to have the best closing services and title insurance coverage in Highlands Ranch. Contact Colorado Professionals Title at (303) 268-4278 or visit us online to find out more.
