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Glossary

1031 Exchange– Exchange of real estate where the capital gains tax implications are deferred on the property being sold by purchasing a like kind property, such exchange must be handled through a qualified intermediary.

ALTA- An organization, composed of title insurance companies, which has adopted certain insurance policy forms to standardize coverage on a national basis.

Commitment– Title Insurance Term for the preliminary report issued before the actual policy. Said report shows the condition of title and the steps necessary to complete the transfer of title as contemplated by buyer and seller.

Construction Disbursement– Disbursement of funds to contractors/subcontractors in order to complete construction.

Conventional Loan– A mortgage or loan not obtained under a government insured program.

Endorsement– Addition to or modification of a title insurance policy which expands or changes coverage of the policy, fulfilling specific requirements of the insured.

Escrow– Delivery of deed and/or funds to be held by a third party, with instructions as to their use.

FHA (Federal Housing Administration)-  A federal agency which insures first mortgages, enabling lenders to loan a very high percentage of the sales price.

Lenders Policy- A title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalid title in the borrower, or loss of priority of the mortgage or deed of trust

Owners Policy- Title Insurance for the owner of property, rather than the lienholder, against the loss caused by invalid title.

Premium- Money paid for an insurance policy

Reverse 1031 Exchange- Exchange of real estate where the capital gains tax implications are deferred on the property being sold by purchasing a like kind property, such exchange must be handled through a qualified intermediary. If you must purchase a replacement property before you can sell your relinquished property, you must accomplish a “reverse” 1031 Exchange. The accommodator must take title to either the property you are selling before you purchase the replacement property, or the accommodator must take title to the replacement property.

Seller Financing- Financing provided by the seller of a transaction

Title Insurance– Insurance against loss resulting from defects of title to a specifically described parcel of real property.

VA (Veterans Administration)- A federal agency which makes loans to veterans by bank, savings and loans or other lenders which are insured by the Veteran’s Administration, enabling veterans to buy a residence with little or no down payment.