31. QUIT CLAIM DEED

A deed which conveys whatever present right, title or interest the grantor may have; no warranties are conveyed.

Thursday, 16 April 2009 | Print

32. REAL ESTATE CONTRACT

A contract, typically used in seller financing transactions, in which the contract holder (usually the seller) retains title to the property until the debt is paid in full. Once paid in full, or a certain prearranged amount has been paid, the...

Thursday, 16 April 2009 | Print | Read more

33. RECONVEYANCE

A conveyance to the land owner of the title held by a trustee under a deed of trust (i.e. the release of a secured property from a deed of trust).

Thursday, 16 April 2009 | Print

34. RECORDATION

To file a document for public record with the county recorder’s office.

Thursday, 16 April 2009 | Print

35. RESCISSION

When a contract is terminated and each party gives anything acquired under the contract back to the other party.

Thursday, 16 April 2009 | Print

36. STATUTORY WARRANTY FULFILLMENT DEED

A deed given in fulfillment of a Real Estate Contract.

Thursday, 16 April 2009 | Print

37. SUBORDINATION AGREEMENT:

An agreement, recorded in the county where the property is located, under which a prior lien is made inferior to an otherwise junior lien (Washington stipulates that the first to record is first in right. Without a subordination agreement, many...

Thursday, 16 April 2009 | Print | Read more

38. TITLE INSURANCE

An opinion by a title insurance company as to the ownership and marketability of the title to a particular parcel of land. A title insurance policy insures the holder against losses which might be sustained in the event of a flaw or defect in the...

Thursday, 16 April 2009 | Print | Read more

39. TITLE REPORT

The preliminary commitment for title insurance from the title company. In addition to the current vested owner, the title report discloses any public records, laws or court decisions affecting a parcel of land.

Thursday, 16 April 2009 | Print

40. Escrow Terms

24 HOUR COLLECTED FUNDS: Closing funds must be deposited twenty-four (24) hours prior to close of escrow. 1099 REPORTING: Under the Tax Reform Act of 1986, escrow agents are required to report gross proceeds from the sale of real estate to the...

Thursday, 16 April 2009 | Print | Read more