What we do

Defining It

In order to help answer any questions that may arise, here are a few commonly encountered terms:

Title. Is a legal term which describes ownership rights in real estate. Having “title” to real estate is synonymous with having ownership of real estate. 

Deed. A deed is a legal document which transfers title (ownership) from one party to another. The seller is the “Grantor” who grants title (ownership) in real property to the buyer a/k/a the “Grantee.”

Title Search. A title search refers to the process whereby a professional title abstractor examines the registry of deeds and other public records in the county where the property is located to verify the legal ownership of a property and to identify any outstanding liens or other encumbrances on the property. The search typically includes reviewing information such as deeds, mortgages, and court records to ensure that the seller has the legal right to sell the property and that there are no disputes or legal claims against it. The title search is the most crucial step in the home buying process as it helps to ensure that the buyer receives good, marketable, and insurable title (ownership) to the property and reduces the risk of potential title problems related to the property.

Title Insurance. Buying an owner's title insurance policy is the single most important step of the entire homebuying process. It protects both homeowners and lenders from unforeseen financial losses due to defects in a property's title—issues that often remain hidden even after a thorough title search. With title insurance, you're covered against risks such as title fraud, liens, easements, unresolved mortgages, and ownership disputes. By making a one-time premium payment (which appears as a closing cost on your closing disclosure), you secure lifelong protection for your investment and gain invaluable peace of mind throughout your homeownership journey.

Closing. A real estate closing is the final phase in a property transaction where the legal title is transferred from the seller to the buyer. During this process, all parties execute the required documents, funds are disbursed according to the terms of the purchase agreement, and any contingencies or conditions (such as financing approvals or title issues) are resolved. The closing culminates with the recording of the deed and mortgage with the registry of deeds. 

Closing Costs. Closing costs are the fees and expenses paid at the end of a real estate transaction. They typically include items such as the real estate commission, transfer tax, prorations for property taxes or utilities, title insurance premiums, title search and closing fees, and recording fees.

MLIP. A Mortgage Loan Inspection Plan (MLIP) is a sketch prepared by a land surveyor that provides an approximate depiction of a property's boundary lines, structures (such as houses, sheds, and fences), and access points like driveways or rights of way. Also known as an MLI, plot plan, or Class D survey, an MLIP helps identify potential boundary issues, including encroachments or municipal setback violations, that could impact ownership. As a due diligence tool, obtaining an MLIP before purchasing a home can help buyers avoid costly surprises, legal disputes, or permitting issues down the road. An MLIP typically costs between $350 and $550, depending on the property's size and location—significantly less than a full boundary survey, which can exceed $2,500. However, it is important to note that an MLIP (like a tax map) is not a boundary survey and does not establish exact property lines.

Escrow. What does escrow mean? Escrow is a legal arrangement where a desginated party holds funds or documents until specific conditions in a transaction are met. For example, many lenders require borrowers to set up an escrow account for property taxes and home insurance. With this setup, a portion of your monthly mortgage payment is deposited into the escrow account. When your property taxes or insurance premiums become due, the funds are automatically disbursed to pay them on time. This ensures that all parties meet their obligations and that funds are securely held for their intended purpose.

Lien. A lien is a legal claim against a property used to secure payment of a debt or obligation. Liens encumber the title to a property by being recorded with the registry of deeds. For example, a property tax lien is placed on a home by the municipality when property taxes are not paid. If a lien encumbers a property, it must be paid off and discharged before the property can be sold free and clear at closing.

Joint tenants. Co-owners hold equal shares with the right of survivorship, meaning if one owner dies, their share automatically passes to the surviving owners. This arrangement requires all owners to acquire their interest simultaneously and is common among married couples.

Tenants in common.  Co-owners may own unequal shares without the right of survivorship. Each owner's share can be sold, transferred, or inherited independently, making this option popular among unrelated parties or siblings.