| 1099 Form |
Provided by Seller to escrow holder before close of escrow. Contains information necessary to comply with IRS tax reporting requirements. |
| Deed |
Document by which ownership of real estate is transferred from one party to another. |
| Deed of Trust |
Document by which title to an interest in real estate is transferred by the trustor (owner/borrower) to a trustee (usually a title company) as security for a loan or other obligation due a beneficiary (lender). Also called "Trust Deed" |
| Earnest Money |
A good faith deposit given to bind a contract between Buyer and Seller. |
| Escrow |
A deposit of a deed or other instrument with a third party for delivery upon performance of a condition or conditions. |
| Grantee |
The person to whom a grant is made |
| Grantor |
The person who makes a grant |
| Impound Account |
Funds collected by a lender from a borrower to guarantee payment of such items as taxes and hazard insurance premiums when due. Sometimes known as an Escrow Account. Lender pays taxes and insurance on behalf of borrower |
| Legal Description |
A description of real property sufficient to locate it by reference to government surveys or recorded maps. |
| Loan Tie-In Fee |
Fee charged by escrow holder to cover additional costs incurred to process new loan for a Buyer. |
| Minor |
A person under 18 years of age. |
| Preliminary Change of Ownership Form (PCOR) |
Form required to be filed when deed(s) transferring title are recorded. This information is used by the County Tax Assessor in determining annual property tax amounts. |
| Real Property |
Land and buildings as opposed to personal property. |
| Statement of Information |
A brief written statement of facts relied upon by title insurers to assist in the identification of persons involved in a real property transfer. |
| Sub-Escrow Fee |
Fee charged by the title company to receive new loan proceeds, payoff existing loan(s) and wire balance of funds to escrow company. |
| Vesting |
Manner in which title to real property is held. Includes names and marital status. |
