Quiet Title Action: What It Is and How It Resolves Property Disputes
Warren Team
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Key terms
- Title InsuranceInsurance that protects against financial loss from defects in a property's title, such as unknown liens, ownership disputes, or errors in public records. Paid once at closing.
- Community PropertyA form of marital property ownership recognized in certain states where most assets and debts acquired during the marriage are considered equally owned by both spouses, regardless of who earned the income or whose name is on the title. In community property states, each spouse automatically owns a 50% interest in marital property. This has significant implications for estate planning, divorce, and taxes, particularly regarding the stepped-up cost basis at death.
- Room and BoardThe combined cost of housing and meal plans at a college or university, which is a significant portion of the overall cost of attendance. Room and board costs vary depending on whether you live on campus, off campus, or at home, and the type of meal plan you select. Many colleges require first-year students to live on campus and purchase a meal plan.
- Property TaxAn annual tax levied by local governments on real estate based on the assessed value of the property. Rates vary by location and fund local services like schools, roads, and emergency services. Often paid through mortgage escrow accounts.
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