The noting in a public office of the details of a legal document - such as a deed or mortgage - affecting the title to real estate. When such an instrument is properly recorded, it is considered to be a matter of public record. Legally, that means that all subsequent purchasers are deemed to have constructive knowledge of that information.
A contractual relationship between two insurance companies under which one insurer assumes a portion of the risk of the insurance policy written by the other.
To relieve from debt or security or abandon a right, such as the release of a mortgage lien from a part or all of the land mortgaged. The instrument effecting a release.
Short for the Real Estate Settlement Procedures Act. RESPA is a federal law that allows consumers to review information on known or estimated settlement cost once after application and once prior to or at a settlement. The law requires lenders to furnish the information after application only.
Limitations on the use of property imposed or created by deeds or other documents in the chain of title. A restriction, for example, may prohibit the placement of trailer or the construction of a commercial structure on the property.
A form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as Satisfaction of Mortgage: The document issued by the mortgagee when the mortgage loan is paid in full. Also called a "release of mortgage."remier" mortgage.
This information statement is confidential and is used to enable the title company to eliminate title problems which may arise through similarity of the name of Seller or Buyer
The act or process by which a person's rights are ranked below the rights of others. For example, a second mortgagee's rights are subordinate to those of the first mortgagee.
A person who agrees to be responsible for a debt or obligation of another. The pledge or agreement by which one undertakes responsibility for the debt or obligation of another.
Modification of a join tenancy between husband and wife. Has the quality of survivorship, but neither spouse can convey his or her interest to the break the joint tenancy. Recognized in many states.
Usually one who holds possession of real estate under a lease. In a broader sense, one who holds or possesses lands and tenements by any kind of title.
