Glossary of
Real Estate Terms

Your guide to common closing terms

Title Insurance

Title insurance provides protection against unknown ownership discrepancies, encumbrances, and filing errors. While title insurance protection is required for the lender, it is optional for homeowners.

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Title Policy

A title insurance policy can cover a lender (lender’s title policy) or a homeowner (homeowner’s title policy) against errors or unknown ownership discrepancies when purchasing a property. While lenders require a title policy, homeowner policies are considered optional.

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Title Search

A title search is conducted in order to track all ownership claims on a property, including transfers, sales, and inheritance. A title search is designed to ensure that there is a clear title for the sale of a property before settlement and that no discrepancies, or “clouds on title,” will become apparent following the sale of the property.

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Transaction Coordinator

What is a transaction coordinator? What does a transaction coordinator do? A transaction coordinator works with or on behalf of a real estate agent or broker in order to facilitate scheduling, document gathering, contingency execution or removal, and other administrative elements of the real estate transaction process.

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Truth in Lending (TIL) Act

Dating from 1968, the Truth in Lending (TIL) Act was designed to ensure that lenders properly disclose the terms and requirements of loan products to consumers and standardizes the way that these costs are calculated and communicated.

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