Concepts Definitions
nnnn• Title Plant: A database or system that stores a collection of property information from
nnnnpublic records, including recorded conveyances and encumbrances. Title companies
nnnnexamine title plants to research property ownership and identify potential title defects.• Title Insurance: A contract obligation that indemnifies (protects against future potential
nnnnlosses) or reimburses a designated party for financial losses or damages related to defects
nnnnin title. Unlike other insurance, it insures against the past “chain of title” history as of the
nnnnpolicy’s issuance.
nnnn• Grant Deed: A legal instrument used to transfer interests in property from one private
nnnnparty to another, which typically includes a granting clause that expresses the conveyance
nnnnoption, intent, and type of ownership interests.
nnnn• Conventional Lender: An institutional lender, such as a commercial bank, savings bank,
nnnnthrift, or insurance company, tha
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