Title company A company that performs and insures title searches. Usually selected by the seller, they sometimes work as a lender's agent. Depending on the preferences of the seller, buyer and others involved in the sale, the closing might take place at the title company's offices. Title insurance Insurance that protects a property owner against defects to or claims against a property. Typically purchased by the buyer upon closing, sometimes as required by the lender.
Title companies issue the policies.
Townhome A residence, often including two or three stories, that is connected by a common wall to another residence. W Walk-through A final tour of a home prior to the sale closing in which any defects are noted. Warranty A protection plan, generally paid for by the seller, that protects the buyer against major repair expenses and breakdowns. Warranties are assigned to specific items, usually major appliances or systems on the property.