Escrow – the portion of a mortgage payment that is held by the lender to pay taxes and insurances.
Inspection – an examination of a property, made by a qualified professional called an “inspector”, to establish its structural and mechanical integrity.
Lien – a legally recognized right to enforce a claim on a property of a person for payment of some debt or obligation via an encumbrance placed on said property.
Encumbrance – any interest -- legal or equitable -- that detracts from an owner's ability to enjoy land or property without hindrance.
Marketable Title – a title that is free of liens and encumbrances.
Mortgage (aka Security Instrument) – a document that provides evidence of a lien that the lender holds as collateral for the money borrowed.
Note (aka Promissory Note) – evidence of a debt that is secured by a mortgage.
Mortgagee (Lender’s) Policy – a title insurance policy issued to the lender, protecting the lender for the amount of the mortgage loan.
Owner's Policy – a title insurance policy issued to the property owner, protecting the owner's equity against hidden title defects.
Title – a legal right to claim `ownership' of a particular property.
