GLOSSARY OF TITLE TERMS

Documents Signed By The Buyer

1. Truth in Lending:   Contains the full disclosure of the interest rate, annual percentage rate, amount financed and the total cost of the loan over its life.

2. Itemization of Amount Financed:  Summarizes and explains the prepaid finance costs – which are subtracted from the total loan amount – mentioned on the Truth in Lending Statement.

3. Monthly Payment Letter:  Shows the total monthly payment, itemizing the portions for principal, interest, taxes, insurance and other monthly escrows.

4. Note:  The actual agreement between the borrower and lender, explicitly stating the terms of borrowing.

5. Mortgage:  An official document showing that a lien is being placed against the property.  It allows the lender to foreclose on the property in the event the borrower defaults.

6. Acknowledgment of Survey and Termite Reports:  Ensures that the buyer has seen the survey and termite report.

7. Notice to Owner:  Required by the Florida Department of Financial Services, it is a prerequisite to perfecting a laborer’s lien.

8. Anti-Coercion Form:  Requires borrowers to state that they have not altered the property in any way that might cloud the title.

9. Borrowers’ Affidavit:  Requires borrowers to state that they have not altered the property in any way that might cloud the title.

10. Non-Foreign Owners Notice:  Notifies the buyer that if the seller is a non-U.S.  citizen and leaves the country without paying income taxes on the transaction, the buyer is liable for the taxes, also known as the FIRPTA document.

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