Deed of Trust
A security agreement creating a lien by which title to real property is
transferred to a third-party trustee as security for an obligation owed
by the trustor (borrower) to the beneficiary (lender).
Documentary Transfer Tax
The tax, based on sales price, less loans which are being assumed, which
is charged by the city and/or county on the transfer of real property.
A clause in a mortgage loan which gives the lender the right to demand
payment in full when the property changes ownership. Not applicable to
FHA or VA loans.
The cash deposit paid by a prospective buyer as evidence of good faith
to bind a sale of real estate.
A limited right or interest in land of another that entitles the holder
of the right to some use, privilege or benefit over the land.
A claim, right or lien upon real property, held by someone other than
A rider attached to an insurance policy to expand or limit coverage. Also
The value of a persons interest in real property after all liens
and charges have been deducted.
The process in which a disinterested third party holds money and documents
for delivery to the respective parties in a transaction on performance
of established conditions.