A special tax imposed on property, individual lots, or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc. Title As generally used, the rights of ownership and possession of particular property. Title Insurance Protects lenders or homeowners against loss of their interest in property due to legal defects in the title. A check of the title records, generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims or outstanding restrictive covenants filed in the record, which would adversely affect the marketability or value of the title. Wraparound mortgage Seller keeps original mortgage.
Buyer makes payments to seller, who forwards a portion to the lender holding the original mortgage.
Adapted by CitySearch from material published by the U.S. Department of Housing and Urban Development and Windermere Real Estate.