Opening Escrow — part of Escrow Procedures. Study the key terms below, then mark this lesson complete to advance your progress.
Trust Deed (Deed of Trust): California security instrument — borrower gives deed to trustee to hold as collateral for lender.
Title: Legal evidence of ownership — the right to possess and use the property.
Deed: Written instrument that transfers ownership of real property from grantor to grantee.
Title Insurance: Insurance protecting buyer/lender against undiscovered title defects.
Reconveyance: Document from trustee returning title to borrower after loan is paid off.
Cost Approach: Value = land value + depreciated cost of improvements — used for unique properties.