A: A warranty deed assures the buyer that the Seller will defend his title to the property from all other persons. A quitclaim deeds conveys whatever title the seller owns but with no warranty against the claims of others.
Q: What is a disclosure statement?
A: A disclosure statement, as used in the real estate context, is a form the seller of property must complete and provide to the buyer disclosing to the buyer all defects and various other information about the residential property.
Q: What is a closing?
A: Although this term may mean different things in different states, the "closing" is a meeting where all of the documents are signed and money changes hands.
Q: Who is the grantee and grantor?
A: Grantee - The person to whom an interest in real property is conveyed.
Grantor - The person conveying an interest in real property.
Q: What is Truth-in-Lending?
A: A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.
Q: What does tenancy in common mean?
A: As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.
Q: What is the Real Estate Settlement Procedures Act (RESPA)
A: A consumer protection law that requires lenders to give borrowers advance notice of closing costs.
