yance: An instrument used to transfer title from a trustee to the equitable owner of real estate, when title is held as collateral security for a debt. Most commonly used upon payment in full of a trust deed. Recording: Filing documents affecting real property as a matter of public record, giving notice to future purchasers, creditors, or other interested parties. Recording is controlled by statute and often requires the witnessing and notarizing of an instrument to be recorded.
Report on Possession: Supplement information learned from the title search. Inspectors verify lot size, location of improvements, evidence verifying recorded easements.
Purchase A
greement: A written contract between the buyer and the seller of an asset stating the terms and conditions under which the asset will be sold. Prelim or Preliminary Report: A written report commonly issued by a title company, issued prior to issuing title insurance, which shows the recorded condition of property title.
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