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Title
Title. Ownership of real property. Title is shown by a deed which has been recorded in the real estate records of the county in which the property is located.
Title
Title. Ownership of real property. Title is shown by a deed which has been recorded in the real estate records of the county in which the property is located.
Transfer Tax
Transfer Tax. A tax imposed when title is transferred from one party to another. The amount of the transfer tax is $1.00 for every $1,000.00 of actual consideration received by the seller. The transfer tax is a seller charge and is not considered a closing cost. It is shown in line 1203 of the settlement statement. Transfer tax is collected at closing and paid by the closing attorney.
Title Insurance
Title Insurance. An insurance policy protecting against loss arising from defects in the title to real property, title insurance is meant to safeguard the insured's financial interest in the property against title defects, liens, and other matters. Risks covered by title insurance include: - Identity theft and forged signatures on prior deeds in the chain of title; - Fraudulent mortgage cancellations; - Documents signed under a false or expired power of attorney; - Wills that have not been admitted to probate, and the interests of undisclosed or missing heirs; - Deeds and other documents signed by someone legally incapable, such as a minor; - Mistakes made by ...