A loan that is paid off both interest and principal by regular payments that are equal or nearly equal.

A change either to alter, add to, or correct part of an agreement without changing the principal idea or essence.

An estimate of value of property resulting from analysis of facts about the property; an opinion of value.

Taking over another person's financial obligation; taking title to a property with the Buyer assuming liability for paying an existing note secured by a deed of trust against the property.

The recipient of benefits, often from a deed of trust; usually the lender.

The date the documents are recorded and title passes from Seller to Buyer. On this date, the Buyer becomes the legal owner, and title insurance becomes effective.

A claim, encumbrance, or condition that impairs the title to real property until disproved or eliminated through such means as a quit claim deed or a quiet title legal action.

Sales that have similar characteristics as the subject property, used for analysis in the appraisal. Commonly called comps.  

An instrument in writing, such as a deed or trust deed, used to transfer (convey) title to property from one person to another.

An instrument used in many states in place of a mortgage.