Page 37 - FNTA Buyers Guide_AZ
P. 37

 TERMS YOU SHOULD KNOW
MORTGAGE An instrument by which real property is pledged as security for repayment of a loan.
of title.
PITI A payment that combines Principal, Interest, Taxes and Insurance. POWER OF ATTORNEY. A written instrument whereby a principal gives authority to an agent to perform sepcified
actions. The agent acting under such a grant is sometimes called an “Attorney-in-Fact.”
PURCHASE AGREEMENT The purchase contract between the Buyer and Seller. It is usually completed by the real estate agent and signed by the Buyer and Seller.
QUITCLAIM DEED A deed that passes any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title by the grantor.
RECORDING Filing documents affecting real property with the County Recorder as a matter of public record.
WARRANTY DEED A deed used to convey fee title to real property from the grantor (usually the Seller) to the grantee (usually the Buyer) with warranties of the validity of title.
        Copyright 2018 Fidelity National Title: Content cannot be edited or reproduced without written permission from Fidelity National Title. All content he re in is informational only and not intended to offer legal or financial advice.
WWW.FNTSouthernArizona.com
























































































   35   36   37   38   39