Glossary

SECOND MORTGAGE A mortgage, the lien of which is subordinate to that of another mortgage.

SURVEY The process of measuring land to determine its size, location and physical description, and the resulting drawing or map.

TAX SERVICE FEE A fee paid to the mortgage company to verify that they actually pay the real estate taxes.

TITLE The evidence or right a person has to the ownership and possession of land.

TITLE INSURANCE Insurance against loss or damage resulting in defects or failure of title to a particular parcel of real property.

TITLE INSURANCE BINDER OR COMMITMENT A report issued by a title insurance company binding or committing the title insurance company to issue the form of policy designed in the commitment or binder upon compliance with and satisfaction of requirements set forth in the commitment or binde...

TITLE SEARCH An examination of public records and court decisions to disclose the current facts regarding ownership of real estate.

TRANSFER TAXES Money paid to the county and or state when property is sold.

VETERANS ADMINISTRATION (VA) A federal agency, which guarantees loans made to veterans, similar to mortgage insurance.

WILL A written document properly witnessed, providing for the distribution of property owned by the deceased.