Real Estate Settlement Procedures Act (RESPA)
A federal statute requiring disclosure of certain costs in the sale of
residential, improved property which is to be financed by a federally
The conveyance to the landowner of the title, held by a trustee under
a deed of trust, when the performance of the debt is satisfied.
Involves filing for record in the office of the county recorder for the
purpose of giving constructive notice of title, claim or interest in real
The owner of property as shown by an examination of the public record.
Statement of Information
A confidential information statement completed by the buyer, seller and
borrower in every transaction where a policy or policies of title insurance
are requested. Allows the title company to competently search documents
affecting the property to be insured, documents which may not refer to
said property. Allows title companies to differentiate between parties
with similar names when searching matters such as liens and court decrees.
Subject To Clause
A clause in a contract of sale setting forth any contingencies or special
conditions of purchase and sale, such as an offer made and accepted subject
to financing, securing certain zoning or similar requirements.
An agreement under which a prior or superior lien is made inferior or
subject to an otherwise junior lien.