Abstract of title vs. Title insurance

Abstract of title vs. Title insurance An abstract of title summarizes the various instuments and documents affecting the title to real property, whereas title insurance is a comprehensive indemnity contract under which a title insurance company warrants to make good a...

Foreclosure vs. Forfeiture

Foreclosure vs. Forfeiture A foreclosure action extinguishes any claim the mortgagor may have to the real property securing a defaulted loan, whereas a forfeiture refers generally to the loss of a right to something as a result of nonperformance of an obligation or...

Deposit vs. Down payment

Deposit vs. Down payment The down payment is the amount of cash offered by a buyer or purchaser at the time of purchase. Even though the down payment usually includes the earnest money deposit, the terms are not synonymous. Earnest money is applied toward the total...

Quiet enjoyment vs. Quiet title

Quiet enjoyment vs. Quiet title Quiet enjoyment is the right to uninterrupted use of the property, whereas quiet title is the name of a legal action to prove valid title to real property. Quiet enjoyment — The right of an owner or lessee legally in possession of...