Glossary of Simple Real Estate Terms

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Simple definitions of some basic terms associated with a real estate transaction.


“Closing” is a word commonly used to describe the scheduled time for buyer and seller to meet and complete the transaction of transferring property.  Generally, at a closing, the buyer and seller execute all documents necessary to transfer property, the buyer executes all documents required for the lender to approve the disbursement of its loaned money, and the escrow agent (Monarch Title, L.L.C.) collects and disburses all funds in connection with the transaction.


Conveyance Office

The Conveyance Office is part of the Clerk of Court’s offices.  It charged with maintaining documents reflecting real estate transactions.



Encumbrances are judgments, liens, mortgages and any document filed in the public records affecting a property or a buyer or seller.


Escrow Agent

The escrow agent is the company that is insured to provide services of collecting and dispersing all funds in connection with a closing.  Monarch Title, L.L.C., our in-house escrow agency, works from the lender’s Closing Disclosure to know exactly how much to collect and how much to pay out on behalf of individuals and companies.


Closing Disclosure

The Closing Disclosure (or “CD”) is a document showing loan terms, from where all money is collected, and to whom all money is distributed.  It also includes information on each party, the lender and the property.  It is a government form that can be a little confusing to review.


Mortgage Office

The Mortgage Office is part of the Clerk of Court’s offices.  It is charged with maintaining documents reflecting liens, mortgages and judgments against persons or real property.


Owner’s Title Insurance

Owner’s Title Insurance is an insurance policy protecting the owner of a property against a loss should the condition of title to land be other than as insured.  Under standard coverage, insured  risks include: forgery and impersonation; lack of competency, capacity or legal authority of a party; sale not executed by a necessary party (co-owner, heir, spouse, corporate officer, or business partner); undisclosed (but recorded) prior mortgage or lien; undisclosed (but recorded) easement or use restriction; erroneous or inadequate legal descriptions; lack of a right of access; and sale not properly recorded.

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