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Tax Impound

Money paid to and held by a lender for annual tax payments.

Tax Lien

Claim against a property for unpaid taxes.

Tax Sale

Public sale of property by a government authority as a result of non-payment of taxes.

Tax Service Fee

In some cases, we engage a third party to monitor and/or handle the payment of your property tax bills. The Tax Service Fee covers the cost of this service.

Third Party Fees

Fees paid to a third party for services requested by the lender on your behalf.

Title

Document that gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property. Individuals who will have legal ownership in the property are considered "on title" and will sign the mortgage and other documentation.

Title Company

A company that insures title to property.

Title Company Closing Fee

This fee is paid to the title insurance company that conducts your closing and handles the transfer of funds among the parties.

Title Insurance

Title insurance protects a lender against any title dispute that may arise over a particular property. It is required to close on your home. You may also purchase owner's title insurance which protects you as the homeowners.