References & Terminology

Owner Policy

A policy of title insurance insuring the owner against loss or damage sustained or incurred by the insured due to defects, liens, encumbrances, and adverse matters [among other coverages] sustained or incurred by the insured.

Loan Policy

Also known as a mortgagee policy (simultaneous issue).  A title insurance policy insuring a lender-mortgagee under a mortgage or a lender-beneficiary under a deed trust, against loss or damage caused by invalidity or unenforceability of a lien, or loss of priority of the mortgage or deed trust.

Warranty Deed

A deed by which a seller obligates himself to the buyer through covenants or warranties set forth in the deed.  Under a [General] Warranty Deed, the seller [grantor ] is liable to the buyer [grantee] not only for the grantor’s actions during his or her period of ownership, but also, for the actions of predecessors in title.  The ALTA title policies provide for continuation of policy coverage for “so long as the insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyanve of the Title.  In this way, title insurance not only protects insureds as buyers but, also, as future sellers.

Quit Claim Deed

A deed without warranties conveying a grantor’s unspecified interest, without clain of ownership.  This type of deed will surrender and give to the grantee any possible [but not specified] right, title, of interest the grantor may have in the property.  A quit claim deed is frequently used to clear title, where there exists the possibility of a current or prior owner’s [residue] interest.  Under this type of interest, the buyer [recipient of conveyance] assumes all risks.


Is a financial instrument that contains a written promise by one party (the note’s issuer or maker) to pay another party (the note’s payee) a definite sum of money, either on demand or at a specified future date.  A promissory note typically contains all the terms pertaining to the indebtedness, such as the principal mount, interest rate, maturity date, date and place of issuance, and issuer’s signature.


A mortgage is a debt instrument which is secured by the collateral of specified real estate property in which the borrower is obligated to pay back with a predetermined set of payments. Mortgages can also be known as “liens against property” or “claims on property.”

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