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Tenacity Settlements > Settlements Vocabulary

Tenacity SettlementsAbstract : A report that displays the history of your property's ownership.

Amortization: The reduction of your loan over time.

Assumption: When you become responsible for someone else's loan.

Deed: The document that you receive showing you own the property.

Deed of Trust: The document that you sign to pledge your property as security for the repayment of a loan.

Document preparation: A fee charged to prepare all the papers.

Instrument: Any legal document.

Joint Tenants: When a property is owned proportionately by more than one individual.

Lien: An encumbrance against property for money, either voluntary or involuntary.

Notary: The person who validates your signature.

Prorated: A portion of a month or year that charges affect you.

PMI: Private Mortgage Insurance. A cost to obtain a loan with less than 20% downpayment.

Recordation: Filing of documents affecting real property in the public land records.

Release: When the loan is paid off, the trustee of a loan removes the lien from your property.

Tenacity Settlements Tenants in Common: Ownership of property among two or more persons in which each tenant holds an undivided interest in the property.

Tenants by the Entirety: When a property is owned by a husband and wife. If one owner dies, the the survivor takes the whole estate.

Title Binder: A temporary insurance binder covering a piece of real estate pending closing.

Title examination: or Title search: A careful exploration and examination of the public records in an effort to find all recorded instruments relating to a particular chain of title.

Title Insurance: For a one-time-only premium, the named insured is protected against title defects, liens and encumbrances existing as of the date of the policy.