Aristocrat Title Glossary of Terms
This glossary is provided by Aristocrat Title to help consumers and REALTORS® better understand the closing process. For questions specific to your transaction, reach out to our team anytime.
Have questions about title terms or your closing? Contact Aristocrat Title for local guidance and support.
| Term | Definition |
|---|---|
| Abstract of Title | A historical summary of all recorded documents affecting a property, including ownership transfers, liens, and legal claims. |
| ALTA (American Land Title Association) | The national trade association that sets standards and best practices for the title industry. ALTA policies protect buyers and lenders during real estate transactions. |
| ALTA Survey | A detailed property survey that meets the standards of the American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS). It shows boundaries, improvements, easements, and rights-of-way, helping title companies and lenders confirm that a property’s legal description matches its physical layout. (See also: Commercial Services) |
| Appraisal | A professional estimate of a property’s market value, typically required by a lender before approving a mortgage. |
| Assessed Value | The value assigned to a property by a local government for tax purposes. Not the same as market value. |