Seller's Statement Definitions

Deed: The document that, when properly executed and delivered, transfers title (ownership) of real property.

Discount Points: Negotiable fee paid to the lender to secure financing for the buyer. Discount points are up-front interest charges to reduce the interest rate on the loan over all, or a portion, of the loan's term. One discount point equals one percent of the loan amount.

Escrow Fee: Fee is split between buyer and seller. This fee is paid to the title company to service the transaction and to escrow (hold and disburse) money and documents.

Recording Fee: A fee for recording the legal documents with the County Clerk.

Title: In dealing with Real Property, "title" means ownership.

Title Policy: Insurance policy on the ownership of real property against defects in title.