Deed: Written instrument which, when properly executed and delivered, conveys title to real property from one person (grantor) to another (grantee).
Grant Deed: A limited warranty deed using the word "grant" or like words that assures a grantee that the grantor has not already conveyed the land to another and the estate is free from encumbrances placed by the grantor.
Quitclaim Deed: A deed to relinquish any interest in property that the grantor may have without any warranty of title or interest.
Deed of Trust (Trust Deed): A legal document by which a borrower pledges certain real property or collateral as a guarantee for the repayment of a loan.
Encumbrance: A lien affecting the land and improvements, such as a Deed of Trust.
Default: Failure to perform a duty or to pay an obligation.
Foreclosure: Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payment or terms.
Reconveyance: This instrument of transfer is commonly used to transfer the legal title from the trustee to the trustor (borrower) after a Deed of Trust debt has been paid in full.