Engel Volkers Buyer & Seller Guide Bozeman - Manual / Resource - Page 79
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Glossary of terms
These definitions are to acquaint the home-buyer with terms commonly used in real estate transactions.
the terms are intended to be general and brief and are not complete and wholly accurate when applied to all
possible uses of the term.
Recordation involves filing for record in the office of the county Recorder for the purpose of giving constructive notice of
title, claim or interest in real property.
Right of Survivorship the right of a survivor of a deceased person to the property of said deceased. a distinguishing
characteristic of a joint tenancy relationship.
Statement of Information (SI) a confidential form filled out by buyer and seller to help a title company determine if any liens
are recorded against either party. it is necessary to differentiate between parties with similar names. also called a statement
of identity.
Tenancy in Common an undivided ownership in real estate by two or more persons. the interests need not be equal. in the
event of the death of one of the owners, no right of survivorship in the other owner exists.
Title Commitment a report prepared prior to issuing a policy of title insurance that shows the ownership of a specific parcel
of land, together with the liens and encumbrances thereon which will not be covered under a subsequent title insurance
Policy.
Title Insurance Policy a policy that protects the purchasers, mortgagee or other parties against losses.
Uniform Settlement Statement The standard HUD Form 1 required to be given to the borrower, lender and seller at, or prior
to, settlement.
VA Loan a loan that is guaranteed by the veteran’s administration and made by a private lender.
Vesting Denotes the manner in which title is held. Examples of common vestings are: Community Property, Joint Tenancy,
tenancy in common, and community Property with Right of survivorship.
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