Aristocrat Title Glossary of Terms

 The amount required to fully satisfy an existing mortgage.

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

A policy protecting the homeowner’s financial interest in the property from hidden defects or claims discovered after purchase. Coverage lasts as long as you own your home. (See also: Title Insurance)

A written notice ending a purchase agreement under contract terms.

A state-authorized official who verifies identities and witnesses signatures.

 A lease where the tenant pays base rent plus property taxes, insurance, and maintenance.

 A property’s income after operating expenses but before taxes and loan payments.

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

 A loan secured by real property.

A property combining multiple uses—such as residential, retail, or office—within one development.

A claim filed by a contractor or supplier for unpaid work or materials.

 A lease where one tenant leases the entire property and may sublease portions.

A calculation in commercial leasing that includes shared common areas in rentable square footage.

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

A non-binding document outlining key terms before drafting a purchase or lease agreement.

A policy protecting the mortgage lender’s interest in the property until the loan is repaid in full. It does not protect the homeowner.

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 closing form previously used for certain transactions; replaced by the Closing Disclosure for most residential loans.

 Insurance covering property damage or loss, typically required by a lender.

 A long-term land lease allowing a tenant to build improvements while the land remains owned by the landlord.

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.

A property sold without a listing agent.

A buyer’s last inspection before closing to confirm property condition.

An analysis determining whether a proposed commercial project is financially and legally viable.

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