More Useful Closing Terms in Coral Gables

More Useful Real Estate Settlement Terms

Here are a few more terms you will need to know before going to your closing.

Default

Failure to live up to an agreement by either not paying or not performing by the covenants.

Defective Title

An irregular or faulty title due to a lien, judgment, mortgage or other obstacle to the property's transfer.

Depreciation

Loss of property value over time from normal wear and tear, natural disaster, or neglect.

Ingress

The right to enter a property or the place on adjoining property used to access your own.

Lis Pendens

Public legal notice that a lawsuit is pending.

Mechanic's Lien

A lien, or claim, on proceeds of a property sale due to people who have not been paid for labor, services, or materials from construction or improvement projects.

Egress

The right to a path of exit from a property.

Eminent Domain

The government's right to take private property for public use in exchange for reasonable market value.

Metes and Bounds

A description of a property's boundaries using courses, directions, distances, and monuments.

Premium

The amount payable for an insurance policy.

Escrow

A process where a third party holds a deed, moneys paid, and transaction documents until certain contingencies are met. The escrow agreement details what conditions must be satisfied before disbursing the money and documents and instructs the escrow agent on disposition of the objects held in deposit.

Examination

In real estate industry terms, an examination is a study of the chain of title to determine the status of the title.

For Title Insurance in Coral Gables

At Riva Title Company in Coral Gables, we have the professional experience and expertise you need to ensure a smooth closing and title insurance protection. Visit our website to find out more about our company and call 786-787-7888 today to schedule an appointment.