PITI - An abbreviation for principal, interest, taxes and insurance, often lumped together in a monthly mortgage payment. Survey - A map made by a licensed surveyor who measures the land and charts its boundaries, improvements and relationship to the property surrounding it. Title - The document that indicates rights of ownership, control, and possession of property. Title Insurance - New ownership of a home takes place when the title is passed from one person to another. Titles sometimes have problems, such as forgeries, liens on the property, errors of recording clerks, and legal errors.
Title insurance protects a homeowner from any loss incurred due to a defect in the title.