Aristocrat Title Glossary of Terms

A historical summary of all recorded documents affecting a property, including ownership transfers, liens, and legal claims.

The national trade association that sets standards and best practices for the title industry. ALTA policies protect buyers and lenders during real estate transactions.

A professional estimate of a property’s market value, typically required by a lender before approving a mortgage.

The value assigned to a property by a local government for tax purposes. Not the same as market value.

A chronological record of all previous owners of a property. Used to verify clean ownership history.

The final step in a real estate transaction where documents are signed, funds are transferred, and ownership officially changes hands.

A federal form outlining loan terms, closing costs, taxes, and fees. Provided by the lender and required by law.

Any claim or issue that could affect ownership rights, such as liens, judgments, or missing signatures.

The legal document that transfers property ownership from seller to buyer.

A deposit provided by the buyer to show good faith and commitment to the transaction.

Funds held by a neutral third party (such as a title company) until all transaction conditions are met.

A review of public records to verify ownership history and identify issues (liens, unpaid taxes, restrictions).

Indiana law requiring funds over $10,000 for closing to be delivered via wire transfer. Cashier’s checks may be used only under the legal threshold.

Indiana

• Warranty Deed is most common for residential sales.

• Quitclaim Deeds are frequently used for estate transfers, divorces, and title corrections.

• Transfer on Death (TOD) Deeds are widely used to avoid probate.

• Indiana recognizes Special Commissioner’s Deeds in court‑ordered transfers.

• Indiana Good Funds Law requires:

  • Wire transfer for funds over $10,000

  • Cashier’s check allowed only below $10,000

Kentucky

• General Warranty Deeds are the standard for residential transactions.

• Master Commissioner’s Deed used in judicial sales.

• Quitclaim Deeds used similarly to Indiana, but more scrutiny from lenders is common.

• Kentucky does not use TOD deeds the same way; estate planning often uses trusts or wills instead.

A legal claim against a property due to unpaid debts, taxes, or obligations.

Title insurance that protects the lender’s interest in the property.

Title insurance that protects the buyer’s ownership rights against defects or claims.

Allocation of property taxes, HOA dues, and other expenses between buyer and seller at closing.

The process of officially filing real estate documents with the county to make them part of public record.

A professional measurement verifying property boundaries and improvements.

Legal proof of ownership to a property.

A document issued before closing outlining the conditions required to issue title insurance.

Insurance protecting against losses from title defects, undisclosed heirs, fraud, or recording errors.

A deed guaranteeing clear title and the seller’s legal right to transfer ownership.

Wire Fraud

A real estate fraud scheme where criminals attempt to intercept funds by impersonating parties in the transaction and providing fake wire instructions.

What this means for you: Always call our office to verify wire instructions before sending any funds to ensure they are legitimate and secure.

Secure Wire Instructions

Official wiring directions provided directly by the title company. Legitimate instructions never change by email.

What this means for you: If wire instructions appear to change, stop immediately and call our office. Any change is a red flag for fraud.

Call‑Back Verification

A security practice requiring parties to call a verified title company phone number to confirm wiring instructions before sending funds.

What this means for you: Expect us to confirm wire details with you directly. This protects you from fraudulent transfers.

Phishing

Fraudulent emails designed to trick recipients into revealing personal information or diverting funds.

What this means for you: Do not click unfamiliar links or share personal information through email. When in doubt, call us to confirm communications.

Earnest Money Wiring

Funds sent electronically to secure the purchase. Must follow secure instructions and verification steps.

What this means for you: Always verify instructions with our office before wiring earnest money to ensure accuracy and protection.

Good Funds Law (Indiana)

State law requiring verified funds. Wires required for amounts over $10,000; cashier’s checks permitted only below that threshold.

RON (Remote Online Notarization)

Digital notarization allowed when lender permits, with identity verification protections.

What this means for you: You may sign securely online when allowed, offering convenience while maintaining safety and identity protection.

Escrow Security

Internal systems and controls used by title companies to protect client funds and sensitive information.