Words, Phrases & Definitions

It means the title policy will cover you except for the specific items listed underneath. Those exceptions are not problems being hidden; they are the things the insurer is not promising to cover, usually easements, mineral rights, and recorded restrictions. Read the list and ask about anything you do not recognize.

This is the to-do list. These are the things that must happen before the policy can issue: a payoff received, a deed signed, or an affidavit executed. Your closer works this list; you usually only see the items that need your signature.

This is what the policy will not cover. Standard exceptions cover things a survey or an inspection would reveal. Some can be removed by providing a survey.

This is how your name goes on the deed and how ownership is legally held. It determines what happens to the property if an owner dies, so it matters more than it looks. Ask before you sign, not after.

This means ownership is held by one spouse alone rather than jointly. It usually requires the other spouse to sign a document giving up their interest.

If one owner dies, their share passes automatically to the surviving owner, outside of probate.

Each owner holds a defined share that passes to their own heirs, not automatically to the co-owner.

This is the fullest ownership the law recognizes: you own it outright and can sell, mortgage, or leave it to anyone.

The seller is not agreeing to make repairs. It does not eliminate a seller's legal duty to disclose known material defects.

The dates in the contract are hard deadlines, not targets. Missing one can be a breach.

The deal is conditional on the buyer's loan being approved. If it falls through within the stated window, the buyer generally recovers their earnest money.

Shared costs like taxes and HOA dues are split between buyer and seller at the closing date. For Ohio property taxes, this is more involved than it sounds.

This is a credit for expenses the seller owes but has not paid yet, most often property taxes. It reduces your cash to close; it is not a refund to spend.

This is the final figure you must bring after the loan, deposits, and every credit and charge are applied. It is not the down payment.

This is money that has actually cleared and can be disbursed the same day. That is why a personal check is often refused at the table and a wire is required.

You are agreeing to cover someone else's loss if a specific thing goes wrong. Read what triggers it.

This is authority for someone else to sign for you. It must be the right form, recorded where required, and approved by the lender and underwriter in advance — never assume it will be accepted at the table.

Someone else has the right to match an offer before the property can be sold to you.

Every lien is an encumbrance, but not every encumbrance is a lien. An easement encumbers the property without securing a debt.

This means title is clean enough that a reasonable buyer would accept it without objection.