- Temporarily of the Market (TOM) – a listing may be taken temporarily off market for a variety of reasons. For instance, the seller may be taking a vacation and unable to consider new offers while away. Or the seller may be renovating or making repairs to the property.
- Title – legal ownership and the legal right to use a piece of property
- Title Insurance – is a form of indemnity insurance that protects the holder from financial loss sustained from defects in a title to a property.
— Owner’s Policy – homeowner’s Title Policy, which the Seller typically pays at closing and is usually issued for the amount of the purchase price. It protects the Buyer and it’s heirs as long as they own the property.
— Lender’s Policy – most Lenders require title insurance as security for their investment in the property. The Buyer typically pays for the Lender’s policy, which is issued for the loan amount.
- Title Search – is an examination of public records to determine and confirm a property’s legal ownership, and find out what claims or liens are on the property. A Clean Title is required for any real estate transaction to go through properly.
- TOM – see Temporarily of Market (TOM)