Concepts Definitions
• Title Plant: A database or system that stores a collection of property information from
public records, including recorded conveyances and encumbrances. Title companies
examine title plants to research property ownership and identify potential title defects.• Title Insurance: A contract obligation that indemnifies (protects against future potential
losses) or reimburses a designated party for financial losses or damages related to defects
in title. Unlike other insurance, it insures against the past “chain of title” history as of the
policy’s issuance.
• Grant Deed: A legal instrument used to transfer interests in property from one private
party to another, which typically includes a granting clause that expresses the conveyance
option, intent, and type of ownership interests.
• Conventional Lender: An institutional lender, such as a commercial bank, savings bank,
thrift, or insurance company, tha
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