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Binder or Commitment: a written statement of the key terms of an agreement, to assure Buyer and Seller that there is valid and adequate insurance coverage.

Breach of Contract: failing to perform any term of a written or oral contract, without a legitimate legal excuse.

Broker: in general, a person who arranges contracts between a buyer and a seller for a commission of the sales price.

Chain of Title: the succession of title ownership to real property from the present owner to the original owner at some distant time.

Claims: an assertion of some right or demand.

Clear Title: holding ownership of real property without any claims by others on the owner's title.

Closing: the final step in the sale and purchase of real estate, when the deed, financing documents, title insurance and remaining funds are exchanged, also referred to as "Settlement".

Closing Statement: lists the financial settlements between buyer and seller and the costs each must pay.

Cloud on Title: an actual or apparent outstanding claim to the title to real property.

Commitment: term for a preliminary report issued before the actual Title Insurance policy, setting forth requirements to be satisfied upon closing.

Contract: an agreement with specific terms between two or more people, a promise to do something in return for a valuable benefit known as consideration.

Convey: to transfer title (ownership) from grantor to grantee by written deed or equivalent.

Covenant: a promise in a written contract or deed of real property.