Title examination: the study of ownership history records and matters related to ownership interests in a property.  The title examiner will review applicable info in order to determine ownership of land or property, defects, claims against ownership and to learn if further action is necessary in order to ensure the buyer gets a clean title upon closing.  Abstract of title: a compilation of public records regarding the ownership of real estate.  

Yes!  The whole point of title insurance is to protect the status of your title and to protect against possible financial loss in regards to that title and any potential court fees incurred as a result of defending your title.  

Determine whether you’d like sole or joint ownership.  Sole ownership carries the name of a single owner and is transferable.  Joint ownership with Right of Survivorship can involve multiple owners on the title, each of whom owns an undivided interest in the property.  If an owner dies, ownership is equally shared among the survivors.  Additional options exist, however Sole and Joint are the most common in residential real estate ownership.

There are five different types of deeds: general warranty deed, special/limited warranty deed, quite claim, sheriff’s deed and fiduciary deed.  

• General: guarantees the grantor’s good title prior to and after conveyance and include seller guarantees such as a clean title, freedom from encumbrance and the right of buyer possession.  
• Special/Limited Warranty: doesn’t warrant against claims which arising prior to grantor ownership, however does warrant only against claims arising during the period of grantor ownership.  
• Quit Claim: involves zero warranties and only conveys interest held by the grantor.  This is not a typical deed used in the purchase of residential real estate.
• Sheriff’s Deed: granted at the end of a foreclosure to the winning bidder at a sheriff’s sale and is considered a quit claim deed without warranty as the winning bidder takes title “subject to all legal encumbrances”.  This includes defects in the foreclosure process.  
• Fiduciary: granted by trustee or court-appointed person or entity conveying title to a property pursuant to grantor’s authorization under a trust or court-supervised proceeding.  

A survey is a drawing of a property which reflects improvements, boundary lines and encroachments.  Included details are contingent upon surveyor requirements.  Surveyors are legally authorized to certify things such as whether allocated improvements exist within boundary lines, in which flood zone a property is located, the compliance of structures and public right of way.  Residential lenders are known to require surveys prior to closing as a survey is the sole document which confirms that the legal description of the deed matches the property being purchased.  

An easement is an interest in land, owned by someone who is not the owner of the whole parcel.  For example, utility companies are granted easement onto private property in order to perform maintenance, installation, etc.  In addition, a share driveway is considered an easement.   In addition, land which benefits from an easement is called a “dominant estate”.  Land which is burdened by an easement is known as a “servient estate”.  Easements normally last forever, however they do not normally give a holder the right to exclusive possession. 

Escrow refers to the third party who holds an initial home deposit on behalf of the buyer and seller involved in a real estate transaction.  The money is held by an escrow agent until closing.