Buyers Guide - Cliff Bakemeier

T ERMS YOU S HOU L D KNOW

MORTGAGE An instrument by which real property i s pledged as secur i ty for repayment of a loan. of t i t le.

PITI A payment that combines Pr incipal , Interest , Taxes and Insurance. POWER OF ATTORNEY. A wr i t ten inst rument whereby a pr incipal gives author i ty to an agent to per form sepci f ied act ions . The agent act ing under such a grant i s somet imes cal led an “Attorney- in-Fact .”

PURCHASE AGREEMENT The purchase contract between the Buyer and Sel ler. I t i s usual ly completed by the real estate agent and s igned by the Buyer and Sel ler.

QUITCLAIM DEED A deed that passes any t i t le, interest , or claim which the grantor may have in the proper ty, but not containing any warranty of a val id interest or t i t le by the grantor.

RECORDING Fi l ing documents af fect ing real property wi th the County Recorder as a mat ter of publ ic record.

WARRANTY DEED A deed used to convey fee t i t le to real proper ty f rom the grantor (usual ly the Sel ler) to the grantee (usual ly the Buyer) wi th warrant ies of the val idi ty of t i t le.

WWW. S ECUR I TYT I T L E . COM

Co p y r i g h t 2 0 1 7 S e c u r i t y T i t l e : Co n t e n t c a n n o t b e e d i t e d o r r e p r o d u c e d w i t h o u t w r i tt e n p e r m i s s i o n f r om S e c u r i t y T i t l e . A l l c o n t e n t h e r e i n i s i n f o r ma ti o n a l o n l y a n d n o t i n t e n d e d t o offe r l e g a l o r fi n a n c i a l a d v i c e .