The Talon Group

The Glossary of Real Estate Terms

CLOSE OF ESCROW

The date the documents are recorded and title passes from Seller to Buyer.  On this date, the Buyer becomes the legal owner, and title insurance becomes effective.

ESCROW INSTRUCTIONS

Written documents which direct the escrow officer in the specific steps that must be completed in order for the escrow to close

FEE SIMPLE

An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited.  Commonly, a synonym for ownership

LEGAL DESCRIPTION

A description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire piece of land

QUIT CLAIM DEED

A deed operation as a release: intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.

SURVEY

The measurement by a surveyor of real property which delineates the boundaries of a parcel of land.  A survey may be required by a title insurance company, depending on the type of coverage chosen.

VESTING

The names, status and manner in which title of ownership is held with a fixed or determinable interest in a particular parcel of real property setting forth the above.

WARRANTY DEED

A deed used in many states to convey fee title to real property.