Still More Useful Closing Terms in Coral Gables

Even More Helpful Real Estate Settlement Terms

Here are a few more real estate terms you may find useful at your closing.

Abstract

A short history of a parcel's title. It includes the initial grant and all subsequent transfers affecting ownership of the property.

ALTA

American Land Title Association- the national trade association for title insurance and closing services companies. They will conduct your closing and provide insurance coverage.

Amortization

The schedule of payments for the life of your loan. From the Latin "mors" meaning death, because you are killing off the debt.

Attorney's Opinion

A lawyer's written statement on the condition of a real estate title.

Covenants

Promises and assurances made as part of a transaction.

Reissue Rate

A reduced title insurance rate for property that was previously insured within a certain time. Also known as a refinance rate.

Riparian Rights

The rights to a body of water bordering a property.

Easement

The limited right to use property for a specific purpose, time, or location.

Fee Simple

The highest state of ownership, where the owner owes nothing and no further claims on the property exist. The owner truly owns the property outright.

Encumbrance

A claim, right, or lien on a property by someone other than the real estate owner.

Owner's Policy

For a one-time fee, an owner's policy protects homeowners from errors, omissions, or other problems that did not arise during the title search. The policy lasts for as long as the owner or heirs maintain interest in the property.

Quiet Title Suit

A lawsuit an owner brings to establish that there are no other legitimate claims on the property, thus "quieting" all possible challenges or claims to 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.