Escrow – The deposit of instruments and/or funds with instructions from a third party to carry out the provisions of an agreement or contract.

Disclosures – Legally binding documents in which the seller comes clean about any potential flaws and issues the buyer needs to know about.

Grant deed – A grant deed is a legal document used to transfer ownership of real property.

Notary – a notary is a state-appointed official who witnesses important document signings and verifies the identities of signers to help deter fraud.

Liens – a lien is the legal right of a creditor to sell the collateral property of a debtor who fails to meet the obligations of a loan contract.

Payoff Amount – A payoff amount is a statement prepared by a lender providing a payoff quote for prepayment on a mortgage or other type of loan.

HOA – A Homeowner’s Association makes and enforces rules for a subdivision, planned community, or condominium building; its members are residents.