Clear title is when the title company makes sure that the property is free and clear of any liens or judgments.

The lender/broker estimates the amount of closing costs that the borrower/buyer will pay for the transaction there are two types of closing costs. "Non-recurring closing costs" these are cost that are paid once at the time of purchasing. The other type of closing costs are "Pre-Paid's" which can recur, things such as taxes and homeowners insurance.

Also know as a HUD-1, a detailed account of the transaction showing charges, taxes, insurance and any cash that is received from buyer or seller.

This is the payments made to lenders, real estate agents for services provided. Usually is derived from a percentage of loan amount or purchase price.

The Deed of Trust is a legal document ranging from 8-15 pages, which the new owners must sign to legally obtain the security interest in the property. After closing the the deed is recorded at the court house in the land records, this is the legal documentation that the borrower has promised to repay the loan in full.

A earnest money deposit is made by the buyer to show there sincerity about wanting to purchase the home. The contract will show what is to happen with the earnest money deposit if the transaction should not take place. In most cases when the closing occurs the earnest money deposit is then applied towards the down payment on the property.

This is the right given from one person to another for a particular use, such as for a right a way or utilities

Is the actually transaction done by a third party, who receives the funds for the transaction from the lending institution and distributes the funds to its designated places.

This is a report that is obtained through land records to show the ownership history of the property. This is often done by a third party called an abstractor.

This is a courts decision to the place a claim on party. The judgment will be recorded with the county recorder, and can become a lien on the parties property if not satisfied.

It is the description of the property or parcel, that is specific enough for a surveyor could find and identify the location of the property.

Is a debt placed upon a property from a debtor, usually paid out of sale of property. Many times the property can not be refinanced with out the lien to be satisfied.

This is a signed legal document; giving right to have on individual be attorney-in-fact for another person to the extent that is stated in the power of attorney.

The executed documents such as the deed, note, a satisfaction of mortgage are recorded in the registrar's office to become a part of the public land records.

Done by an independent third party to map and mark off the boundaries of the property. This is where you would find if there are any existing easments or encroachments on the property.

The documentation showing the legal ownership of a property to an individual or individuals.

This is insurance that protects the lender and the buyer(s) from any disputes arising over ownership, they are called the lender’s policy and the owner’s policy.

This is a search of land records to make sure that the seller is the legal owner of the property in which they are trying to sell.