Title Insurance
Real estateGlossary term
Definition
Insurance 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.
Related terms
- Closing CostsFees and expenses paid at the closing of a real estate transaction, typically 2-5% of the purchase price. Includes appraisal, title insurance, attorney fees, and loan origination.
- EscrowA financial arrangement where a third party holds and regulates payment of funds required for two parties in a transaction. Commonly used in real estate transactions and mortgage payments.
- DeedA legal document that transfers ownership of real property from one party to another. Different types include warranty deeds (full title guarantee), quitclaim deeds (no guarantee), and special warranty deeds (limited guarantee). Recorded with the local government.
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