ABSTRACT OF TITLE Report of title search by Abstractor for examination by Title Attorney AGREEMENT OF SALE Contract between buyer and seller for sale of real estate APPRAISAL Determination of value of property by licensed Appraiser CLOSING COSTS Costs of transferring property, legal fees, county/state transfer fees CLOSING DAY OR SETTLEMENT DAY Day of settlement, seller signs deed, buyer pays of property
CLOUD (ON TITLE) Unpaid tax liens, judgment liens
COMMISSION Fee for sale of real property
CONVENTIONAL MORTGAGE Mortgage loans not insured by FHA or guaranteed by Veterans A airs
DEED Title to real property DEED OF TRUST
Security for mortgage loan which is a lien on deed
DEFAULT
Loan: Mortgage that is not paid Contract: When one party fails to adhere to the contract
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