POLICY AND RECORDING DEFINITIONS
SECURITY INSTRUMENT: DEED OF TRUST
DEED: Quit Claim Deed or Warranty Deed.
COV: Certificate of Value. A form required for QCDs and WDs in certain States and Counties.
RELEASE: Also known as Deed of Release. A document in which the former lien-holder (lender) is relinquishing all right to the property in question because the debt has been paid in full.
SUBORDINATION: Subordination of Lien is a document in which a previous lien-holder is agreeing to be secondary to the primary or new lien-holder. The Subordination of Lien usually has blanks in which the recording information of our DT will need to be filled in. Therefore a subordination is not recorded until after our DT is recorded.
ASSIGNMENT: A document stating the current lien-holder is selling the loan to another lender.
MARITAL WAIVER: A document in which a spouse waives all marital rights to the property.
AFFIDAVIT OF HEIRS: A document in which the borrower affirms the heirs of the previous property owner.
AFFIDAVIT OF DEATH: A document in which the borrower affirms the death of the previous property owner, usually a family member or spouse.
AFFIDAVIT OF TENANCY: A document in which the borrower affirms the death of a tenant; a person with whom the shared property ownership.
QUIT CLAIM DEED: A document which transfers ownership from the grantor to the grantee; usually used to fix a name change or to add or remove a spouse or tenant.
WARRANTY DEED: A document, used in the purchase of property, to transfer ownership from the grantor to the grantee.