Countdown Title: Glossary of Terms

A standardized form used in real estate transactions to itemize all credits and charges for buyers and sellers. Used in conjunction with or instead of a Closing Disclosure (CD), especially in cash transactions.

The historical record of ownership transfers for a property. Florida title companies review this during the title search to ensure there are no breaks or unresolved claims in the property’s ownership.

The final step of a real estate transaction when documents are signed, funds are distributed, and the property legally transfers from seller to buyer. Countdown Title facilitates closings in-office, remotely, or at mobile locations across Brevard County.

A federally mandated form required for most financed residential real estate transactions. It provides a breakdown of the buyer’s and seller’s financial responsibilities.

A legal document that conveys ownership of a property from the seller to the buyer. It must be signed and recorded with the Brevard County Clerk of Court to complete the transfer.

A Florida state tax on real estate transactions. In Brevard County, sellers usually pay doc stamps on the deed, while buyers may pay on the mortgage if financing.

A good faith deposit made by a buyer to demonstrate intent to purchase. Held in escrow by the title company until closing or cancellation per contract terms.

A claim or liability attached to the property—like a lien, easement, or restriction—that may affect ownership rights or property value.

A neutral third-party process in which the title company holds funds, documents, and instructions until all terms of the real estate transaction are met.

The process in which the lender releases mortgage funds to the title company for disbursement. Countdown Title coordinates this step to ensure timely funding and secure handling of all payments.

A property tax exemption for Florida homeowners on their primary residence. Brevard County residents can file for this with the Property Appraiser’s Office after closing.

A legal claim or charge against a property for unpaid debts such as mortgages, taxes, or HOA dues. All liens must be resolved before a clean title can be transferred.

A flexible service that allows buyers or sellers to sign documents at a convenient location (home, office, etc.). Countdown Title offers mobile closings across Brevard County.

A one-time premium policy that protects the buyer from financial loss due to title defects, such as fraud, errors, or undisclosed heirs.

A rate structure set by the State of Florida for title insurance premiums. These fixed rates are based on the property’s sale price and ensure consistent pricing across providers.

The act of officially filing signed documents (such as the deed or mortgage) with the Brevard County Clerk of Court. This makes the transaction a matter of public record and secures the buyer’s ownership.

Also known as the ALTA Statement, this document provides a full breakdown of the transaction’s financials, including buyer and seller debits, credits, and net proceeds.

A detailed map of the property boundaries, easements, and structures. Required in many Florida real estate transactions, especially for lender approval or to resolve boundary issues.

A preliminary report issued by the title company outlining the conditions that must be met to issue title insurance. It details ownership, encumbrances, and any exceptions to coverage.

An issue found in a property’s ownership history—such as a lien, judgment, or recording error—that must be resolved before the title can be insured or transferred.

A one-time policy that protects buyers and lenders from losses due to past title issues. In Florida, separate policies are issued for owners and lenders.

A thorough examination of public records—including deeds, court records, tax records, and liens—to verify legal ownership and ensure there are no title defects.