Abstract - An abstract is a history of a piece of land, including all conveyances, interests, liens, and encumbrances that affect title to the property.

Appraisal - The process of valuing property.

Cancellation of Mortgage - A process whereby the clerk of court adjusts the public records to reflect that the mortgage has been extinguished.

Chain of Title - The ownership history of a piece of land, from its first owner to the present one.

Clear Title - A title free from any encumbrances, burdens, or other limitations.

Closing - The final transaction between the buyer and seller where the money and the property are transferred.

Closing Costs - The expenses that must be paid at closing apart from purchase price and interest. These can include title insurance, recordation charges, survey, appraisal and inspection, abstract, escrow, attorney's fees among others.

Commitment - Title Insurance term for the preliminary report issued before the actual policy that shows the condition of the title and any curative work required in order to complete the transfer of title.

Conveyance - The voluntary transfer of a right or of property.

Conveyance Records - The record of all sales and donations of immovable property kept by the clerk of each parish.

Defective Title - A title that cannot legally convey the property usually due to some conflicting claim to that property.

Domicile - Place of permanent residence.

Encumbrance - A claim of liability that is attached to property or some other right and that may lessen its value such as a lien or mortgage.

Endorsement - An amendment to a title insurance policy which changes or expands coverage.

Escrow - Property, usually money, in the custody of a third party for delivery to another only after the fulfillment of the conditions specified.

Exception - A provision in a title insurance policy that excludes liability for a specific title defect.

Flood Certification - Indicates whether land or a building is located within a Special Flood Hazard Area for purposes of determining levels of flood insurance requirements under the National Flood Insurance Program.

Foreclosure - A legal proceeding to terminate a mortgagor's interest in property, instituted by the lender either to gain title or to force a sale to satisfy unpaid debt secured by the property.

HUD 1 - See Settlement Statement

Lien - A legal right or interest that a creditor has in another's property lasting usually until a debt or duty that it secures is satisfied.

Lis Pendens - A legal notice, recorded in the chain of title to real property, to show pending litigation. It is intended to give notice that anyone acquiring an interest in the property subsequent to the date of the notice may be bound by the outcome of the litigation.

Marketable Title - A title that a reasonable buyer would accept because it appears to lack any defect and to cover the entire property that the seller has purported to sell.

Mechanics Lien - A statutory lien created to secure priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land.

Mortgage - A lien against property that is granted to secure an obligation (such as a debt) that is extinguished upon payment according to stipulated terms.

Mortgage Records - Records in which the Parish clerk of Court records instruments encumbering immovable property, such as mortgages, security interests, liens, judgments, etc.

Mortgagee - The person in whose favor the mortgage is granted.

Mortgagor - The person who grants the mortgage.

Partial Release of Mortgage - The release of a portion of a creditor's claims against property.

Power of Attorney - A document granting someone the authority to act as agent or attorney-in-fact for the grantor.

Promissory Note - An unconditional written promise by one party (the maker) to pay a certain sum of money to another party (the payee).

Recordation - The act of recording an instrument, such as a mortgage, with the appropriate public registry as prescribed by law.

Refinance - An exchange of an old debt for a new debt, as by negotiating a different interest rate or term or by repaying the existing loan with money acquired from a new loan.

Settlement Statement - A written breakdown of the costs involved in a particular real-estate transaction.

Subordinate - To place in a lower rank, class or position. When a loan is subordinated it moves to a junior position relative to the primary loan.

Survey - The measurements of the boundaries of a parcel of land, its area and sometimes its topography.

Title Insurance - Insurance against loss resulting from defects of title to a specifically described parcel of real property.

Loan Policy - A title insurance policy that insures the mortgagee against loss caused by invalid title in the borrower or loss of priority of the mortgage or deed.

Owner's Policy - Title Insurance for the owner of the property.