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Our Mission
As a team, we strive to provide our client’s with a seamless transaction by delivering world-class service.
Integrity, Honesty, & Professionalism
Our Fearless Leader
Shonna Stock Cardello is the President of White Rose Settlement Services and a founding partner when the company opened in July, 1996. She is a licensed title agent and has earned the designation of Certified Land Title Professional and in 2015 was awarded the National Title Professional designation by the American Land Title Association (ALTA). Read Full Bio.
Connect with Our Skilled Team
Shonna Cardello leads a knowledgable and personable team, but you will never hear her say, “They work for me.” Instead, she’ll say, “We work together.”
Brian Lucia
Settle-bration Coordinator
Brian@wrsettlements.com
Brynn Kehler
Chief Operations Officer
Brynn@wrsettlements.com
Dave Rettew
Title Abstractor
Dave@wrsettlements.com
Heidi Merritt
Settle-bration Coordinator
Heidi@wrsettlements.com
LaDawn Huber
Settle-bration Coordinator
LaDawn@wrsettlements.com
Laura Drosner Schreiber
Director of Finance
Laura@wrsettlements.com
Libby Giroux
Settle-bration Consultant
Libby@wrsettlements.com
Lorie Stover
Settle-bration Consultant
Lorie@wrsettlements.com
Martha Torres
Settle-bration Consultant
Martha@wrsettlements.com
Melanie Caputo
Director of Marketing
Melanie@wrsettlements.com
Settle-bration Consultant
Milton@wrsettlements.com
Nicole Kashammer
Settle-bration Consultant
Nicole@wrsettlements.com
Sharon Hykes
Settle-bration Coordinator
Sharon@wrsettlements.com
Shawn Lourie
Settle-bration Consultant
Shawn@wrsettlements.com
Shelley Phillips
Settle-bration Coordinator
Shelley@wrsettlements.com
Who We Serve
Consumers
Are you buying a home or refinancing? As a consumer, you have the right to choose the title insurance provider of your choice. White Rose wants to make your settlement as seamless as possible, while ensuring your property rights for years to come.
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If you are refinancing, we will work with your lender to ensure that your refinance settlement closes as quickly as possible at the time and place of your choosing.
Title insurance rates are regulated by the Commonwealth of Pennsylvania and are only paid at the time of settlement. There are no renewal premiums, and there is no expiration date on the policy, so the protection lasts as long you or your heirs retain an interest in the property.
Realtors
White Rose Settlement Services is a trusted partner within the real estate community. We understand your needs and want to help you stay focused on closing more sales. Our superior communication will give you confidence that once you order title, all the elements of the sale will be taken care of and that we will follow up with you every step of the way.
Lenders
White Rose Settlement Services is proud to say that we have the necessary experience to meet or exceed the compliance guidelines required of lenders. We are fully TRID compliant and protect a lender’s interest against any title defects by carefully reviewing your instructions and ensuring that all documents are executed in a timely manner.
Our Services
Full Service Settlement Company
We take pride in striving to make settlements as smooth as possible while never burdening our clients with unnecessary fees.
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Start the Process
Unmatched professionalism ensures a stress-free, seamless transaction. Get started today with our pain-free process that prioritizes your satisfaction and convenience. With White Rose Settlement Services, experience a new standard of excellence in title services, tailored to make the process effortless and rewarding.
5 Tips to Protect
Against Wire Fraud
WARNING: There is an increase in wire fraud and email hacking / phishing attacks for real estate transactions. Please DO NOT RESPOND to any emails containing REVISED WIRE TRANSFER INSTRUCTIONS.
Helpful Resources
5 Tips to Protect Against Wire Fraud
WARNING: There is an increase in wire fraud and email hacking / phishing attacks for real estate transactions. Please DO NOT RESPOND to any emails...
Closing Time: 6 Steps Every Homebuyer Should Expect
Your long home-buying journey is almost over. You found the home you love, the seller agreed to your offer and now it’s time for closing. Of course,...
Additional Resources
Demystifying the title and settlement process is our goal!
Settlement Lingo Simplified
Title settlements aren’t as complex as they seem, and we’re here to simplify the process for you. Explore our glossary and become an expert today by gaining an understanding of the terminology we use daily in title settlements.
A
A summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects which must be cleared before a buyer can purchase clear,marketable, and insurance title.
Acknowledgment
Formal declaration before a public official that one has signed a document. Prior to recording real estate legal documents, such as grant deeds and deeds of trust, a Notary Public acknowledges the person’s signature on the document.
Acre
A measure of land equal to 43,560 square feet.
Action to Quiet Title
A court action to establish ownership of real property. Although technically not an action to remove a cloud on title, the two actions are usually referred to as “Quiet Title” actions.
B
Mortgage in which the remaining principal balance becomes fully due and payable at a predetermined time. Most of the time, balloon loans have level payments unitl the note becomes due and payable.
Broker
A person that represents another for a fee in real estate transactions. Real Estate brokers help consumers locate suitable real estate and are paid a fee for their services.
Building Line or Setback
Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds or leased, by building codes, or by zoning ordinances.
Buydown
An interest rate buydown is the temporary reduction of the note rate and resulting monthly payments a borrower pays to the lender. The shortfall between the rate on the note and initial payment made by the borrower is usually paid by a third party such as a seller or builder.
C
The chronological order of conveyance of a parcel of land from the original owner to the present owner.
Closing
Conclusion of a real estate sale where the title of the property is transferred to the new owners and funds are transferred to the appropriate parties ( seller, old lender, real estate broker, etc.).
Closing Agent
A neutral third party that facilities the closing of a real estate transaction. The closing agent can be an escrow company, title company or attorney.
Closing Costs
Expenses incurred by the buyer/borrower and the seller in a real estate or mortgage transaction. There can be non-recurring costs that include a one time charge for points, appraisal fees, etc. or a proration of recurring costs such as taxes and insurance incurred while the new buyer/borrower owns the real estate.
Closing Statement
Statement prepared for the buyer and seller itemizing all of the costs of a real estate transaction.
Cloud on Title
An outstanding claim or encumbrance which, if valid, adversely affects the marketability of title.
Commercial Property
Property intended for use by all types of retail and wholesale stores, office buildings, hotels and service establishments.
Commission
Fee paid to a broker or other entity for services rendered. Real estate brokers and mortgage brokers receive a commission for the services they provide; a real estate broker secures a buyer for a property that is for sale and a mortgage broker secures a mortgage loan for the buyer to finance the purchase of a property. Commissions are generally paid as a percentage of the sales price in a real estate transaction or the loan amount in a mortgage transaction.
Commitment
A written promise to make or insure a loan for a specified amount and on specified items.
Condemnation
The taking of private property for public use by a government unit, against the will of the owner, but with payment of just compensation under the government’s power of eminent domain. Condemnation may also be a determination by a governmental agency that a particular building is unsafe or unfit for use.
Condominium
A structure of two or more units, the interior space of which are individually owned.
Consideration
Anything of value given to induce another to enter into a contract. Earnest money deposit on a sales contract is consideration.
Construction Loan
Short-term financing for real estate construction. Generally followed by long term financing called a “take out” loan issued upon completion of construction.
Contingency
Condition which must be satisfied before the buyer can consummate the purchase of a property. Contingencies are generally outlined in the purchase contract between the buyer and seller.
Contract of Purchase
An agreement between parties for the sale of real estate. In some states it is synonymous with a Purchase Agreement, Sales Agreement, or Land Contract. In Texas it is known as an Earnest Money Contract.
Contract of Sale
A purchase transaction in which the buyer receives possession of the property, but the seller retains title.
Contract Sales Price
The full purchase price as stated in the contract.
Conventional Loan
A mortgage loan that is not guaranteed or insured by the government. FHA and VA loans are not conventional loans.
Convertible ARMs
ARMs that have a provision allowing the borrower to convert the mortgage to a fixed rate term. The conversion feature is outlined in the mortgage note and has certain restrictions.
Conventional Mortgage
A loan neither insured by the FHA nor guaranteed by the VA.
Covenant
An agreement written into deeds and other instruments promising performance or nonperformance of certain acts or stipulating certain uses or non-uses of the property.
Counteroffer
A new offer made as a result of another offer, which cancels the original offer.
D
A set of restrictions filed by a sub-divider to cover an entire tract or subdivision.
Dedication
The voluntary giving of private property to some public use by the owner, as the dedication of land for streets, schools, etc., in a development.
Deed
Formal written document transferring title to real estate; a new deed is used for each transfer. The deed should contain an accurate description of the property being conveyed, should be signed and witnessed according to the laws of the State where the property is located, and should be delivered to the purchaser at closing day. (See also deed of trust, general warranty deed, quitclaim deed, and special warranty deed.)
Deed of Trust
An instrument given by the borrower to a third party (trustee) vesting title to the property in the trustee as security for the borrower’s repayment of the mortgage loan.
Deed of Trust Rider
The document required by the lender to be recorded along with the security instrument for an ARM.
Deed Restriction
Restrictions placed on use of real property by writing in a deed to control use and occupancy of the property by future owners.
Default
Failure to make mortgage payments or violations other provisions of the mortgage note.
Defective Title
Title to real property which lacks some of the elements necessary to transfer good title. Title to a negotiable instrument obtained by fraud.
Deficiency Judgment
Personal claim against the debtor when the sale of foreclosed property does not yield sufficient proceeds to pay off the loan(s) and accrued interest.
Deposit
Also called Earnest Money Deposit, the deposit is money given to the seller or his agent by the potential buyer upon the signing of the agreement of sale to show that he is serious about buying the house. If the sale goes through, the earnest money is applied against the down payment. If the sale does not go through, the earnest money deposit will be forfeited to the seller unless the purchase contract expressly provides conditions for its return to the buyer.
Depreciation
Decrease in value to real property improvements due to wear and tear, adverse changes in the neighborhood, or any other reason.
Devise
Real Estate left by will.
Direct Endorsement
A lender that can complete the processing and closing of an FHA loan without prior approval from FHA.
Direct Reduction Mortgage
An amortized mortgage in which principal and interest are computed on the remaining balance.
Disbursements
Payments made during the course of an escrow or at closing.
Documentary Tax Stamps
Stamps affixed to a deed showing the amount of transfer tax. In Nebraska the documentary tax is $1.75 for each thousand dollars of the selling price.
Down Payment
Cash to be paid by the buyer at closing to consummate a real estate transaction. Down payment is the difference between the sales price and the mortgage amount. Buyer cash required at closing includes the down payment, closing costs and prepaid expenses.
E
The earnest money is the deposit money given to the seller or his agent by the potential buyer upon the signing of the agreement of sale to show that he is serious about buying the house. If the sale goes through, the earnest money is applied against the down payment. If the sale does not go through, the earnest money deposit will be forfeited to the seller unless the purchase contract expressly provides conditions for its return to the buyer.
Easement
A right-of-way created by grant, reservation, agreement, prescription or necessary implication which one has in land owned by another.
Eminent Domain
A government right to acquire private property for public use by condemnation and the payment of just compensation.
Encroachment
Unauthorized intrusion of a building or improvement such as a wall, fence, etc. onto another’s land.
Encumbrance
A legal right or interest in land that affects a good or clear title and may diminish the land’s value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive covenants. An encumbrance does not legally prevent the transfer of real property. It is up to the buyer to determine whether to purchase with the encumbrance.
Equity
The market value of the property less the homeowner’s unpaid mortgage balance and any outstanding liens or other debts against the property.
Escrow
The deposit of instruments and/or funds into the care of a neutral third party with instructions to carry out the provisions of an agreement or contract once all instruments and/or funds have been deposited. Many closings are handled by escrow agents. In this situation, the seller deposits the deed and the buyer deposits the funds necessary with the escrow agent. Once all requirements of the purchase contract are in the control of the escrow agent, the money and deed are distributed accordingly.
Escrow Payment
That portion of a mortgagor’s monthly payment held in trust by the lender to pay for taxes, mortgage insurance, hazard insurance, lease payments and other items as they become due. Also known as “impounds” in some states.
Escrow Reimbursement
The buyer reimburses the seller for the current balance of his escrow (or impounded) funds.
Estimated Closing Costs Statement
The statement which lists the financial settlement between buyer and seller and the costs each must pay. A separate statement for buyer and seller is sometimes prepared.
Estoppel
An impediment to a law of action, whereby one is forbidden to contradict or deny one’s own previous statement or act.
Exclusive Agency
Listing agreement in which only the listing office may sell the property and earn the commission. If the owner sells the house, the listing office would not receive any commission.
F
FNMA is one of the major secondary market investors that purchases loans from mortgage companies and other depository institutions. The company is a private corporation and its stock is traded on the New York Stock Exchange.
Federal Home Loan Mortgage Corporation (Freddie Mac/FHLMC)
A government sponsored agency that is also a publicly traded company on the New York Stock Exchange that purchases mortgage loans from mortgage bankers and financial depository institutions. FHLMC is a major secondary market investor.
Federal Housing Administration
A federal agency which insures first mortgages, enabling lenders to loan a very high percentage of the sale price.
Federal Reserve Bank
The regulatory agency for certain commercial banks and bank holding companies. Sets monetary policy for the country and provides liquidity for supervised financial institutions.
Federal Tax Lien
A lien attached to property for nonpayment of a federal tax.
Federal Tax Return
The U.S. government’s method to identify individual and company’s annual tax responsibility. The tax returns identify the income and taxes.
Fee Simple
Highest possible degree of ownership of land. The estate allows owners to have unrestricted powers to dispose of property, and which can be left by will or inherited.
Fiduciary
A person in a position of trust or responsibility with specific duties to act in the best interest of a client. Real estate brokers and mortgage brokers are fiduciaries.
First Mortgage
Mortgage holding priority over the claims of subsequent lenders against the same property.
Fixture
Personal property affixed to structures or land, usually in such manner that they cannot be independently moved without damage to themselves or the property housing, supporting, or pertinent to them. Varies under state laws.
Foreclosure
A proceeding in or out of court to extinguish all rights, title and interest of the owner(s) of a property in order to sell the property and satisfy a lien against it.
Fredde Mac
See Federal Home Loan Mortgage Corporation.
Full Disclosure
Revealing all known facts which may affect the decision of a buyer or tenant.
G
A lien such as a tax lien or judgment lien, which attaches to all property of the debtor rather than the lien of, for example, a trust deed, which attaches only to a specific property.
General Warranty Deed
A deed which conveys not only all the grantor’s interests in and title to the property to the grantee, but also warrants that if the title is defective or has a “cloud” on it (such as mortgage claims, tax liens, title claims, judgements, or mechanic’s liens against it) the grantee may hold the grantor liable.
Government National Mortgage Association (GNMA/Ginnie Mae)
A government owned agency that acts as a secondary market conduit for FHA and VA loans. GNMA guarantees the timely principal and interest payments to investors.
Grandfather Clause
The clause in a law permitting the continuation of a use, business, etc., which was permissible but because of a change in the law is now no longer permissible.
Ground Rent
Rent paid for vacant land. If the property is improved, ground rent is the portion attributable to the land only.
Grantee
The buyer, who receives a deed.
Grantor
The seller, who gives a deed.
H
Insurance on a property against damages caused by fire, wind storms, and similar risks.
Heirs and Assigns
One who might inherit or succeed to an interest in a property under the rules of law applicable when a property owner dies.
Homeowners Association
An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area.
Homeowner’s Policy
Policy which expands the insurance for a homeowner. It may include theft, liability, earthquake, etc.
Homeowner’s or Maintenance Fees
Payments made by property owner(s) of a condominium or a unit in PUD to the homeowners’ association for expenses incurred in upkeep of the common areas.
Housing and Urban Development (HUD)
The federal government agency that oversees FHA.
HUD 1
A closing document required by HUD that outlines the settlement cost of a loan. The closing agent generally prepares the document and buyer receives it shortly after the loan is closed.
I
Account held by a lender for payment of taxes, insurance or other related expenses. Also known as an escrow account.
Improvement
Valuable additions to property which raise the value of the property.
Index
A published rate or benchmark measure of current interest rate levels used to calculate periodic changes in rates charged on adjustable rate mortgages.
Installment Sale
A tax term used to describe a sale which is usually accomplished by use of a land contract.
Insured Mortgage
A mortgage insured against loss to the mortgagee (lender) in the event of default and failure of the mortgaged property to satisfy the balance owing plus cost of foreclosure.
Interest Payment Notification (1098)
A federal tax form that lenders use at year end to notify borrowers of the interest that was paid on their mortgage over the last year.
Interest Rate
The percentage of an amount of money which is paid for its use for a specified time.
Investment Property
A property that is not occupied by the owner and in most cases produces income or is held for gains from appreciation.
J
A liability which allows the creditor to sue any one of the debtors or sue all together.
Joint Tenancy
An undivided interest in property taken by two or more joint tenants. The interests must equal, accruing under the same conveyance and beginning at the same time. Upon death of a joint tenant, the interest passes to the surviving joint tenants rather than to the heirs of the deceased.
Judgment
The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.
Junior Mortgage
A mortgage subordinate to another mortgage.
L
In a legal sense, the solid part of the surface of the earth, as distinguished from water; any ground, soil or earth whatsoever regarded as the subject of ownership and everything annexed to it, whether by nature, e.g., trees and everything in or on it, such as minerals and running water, or annexed to it by man; e.g., buildings, fences, etc. In an economic sense, land consists of all those elements in the wealth of a nation which is supposed to be furnished by nature as distinguished from those improvements which owe their value to the labor and organizing power of man.
Land Contract
Installment plan for buying a house. It is used as an alternative to obtaining a loan from a traditional, source such as a mortgage banker or savings and loan.
Late Charge
A penalty for failure to pay an installment on time.
Lease with Option to Purchase
A lease under which the lessee has the right to purchase the property. The option may run for the length of the lease or only for a portion of the lease period.
Legal Description
An expanded and unique description of a property that is used on legal documents, such as deeds and deeds of trust. Recorded documents generally require a legal description.
Lender
A general term encompassing all mortgages, and beneficiaries under deeds of trust.
Lender’s Instructions
A document that lenders prepare for the closing agent that outlines the requirements for loan closing.
Lessee
One who possesses the right to use or occupy a property under lease agreement.
Lessor
One who holds title to and conveys the right to use and occupy a property under lease agreement.
Letter of Intent
A formal method of stating that a prospective developer, buyer or lessee is interested in property.
Lien
An encumbrance against property for for the payment of debt; a lien may be a mechanic’s lien, mortgage, unpaid taxes or judgment.
Life Estate
An estate in real property for the life of a living person. The estate then reverts back to the granter or to a third party.
Limited Partnership
A partnership consisting of one or more general partners who conduct the business and are responsible for losses, and one or more special partners, who contributes capital and are liable only to the amount contributed.
Lis Pendens
A public notice that litigation is pending on a property.
Listing
A record of property for sale by a broker who has been authorized by the owner to sell. Also used to denote the property so listed.
Listing Agreement
Agreement between a property owner and a real estate broker, authorizing the broker to find a buyer for the property. If the sale is consummated, the listing broker will be paid a fee.
Loan Discount/Premium Fees
Fees that borrowers pay (sometimes seller will pay for borrower) that adjust to the yield requirement of the investor. Loan discount denotes an investor yield requirement higher than the note rate. Loan premium denotes an investor yield requirement lower than the note rate.
Loan Lock
Guarantee from a lender that a borrower will receive the interest rate in effect at the time of loan application.
Loan Officer
A person that helps borrowers through the loan selection, processing, and closing of a mortgage loan. Loan officers can be paid a commission or salary for their services and can work for mortgage brokers, mortgage bankers, or depository institutions.
Loan Origination Fees
The cost to obtain a loan that is paid to the originating lender or broker.
Loan Package
The information regarding a borrower and property necessary which is the basis for a lender’s credit decision to extend or deny credit.
Loan Ratio
The amount of a loan to the value or selling price of real property.
Loan-to-Value Ratio
The ratio of the mortgage loan amount to the property’s appraised value or selling price, whichever is less.
Loan Servicing
The function of collecting loan payments, managing the property tax and insurance escrows, foreclosing on defaulted loans and remitting payments to the investor/beneficiary.
M
The number of percentage points the lender adds to the index rate to calculate the adjustable rate mortgage (ARM) interest rate at each adjustment.
Market Value
The most likely price a given property will bring if widely exposed on the market, assuming fully informed buyer and seller.
Marketable Title
A title that is free and clear of objectionable liens, clouds or other title defects. A title which enables an owner to sell his property freely to others and which others will accept without objection.
Market Price
The price paid for a property; the amount of money that must be given or which can be obtained at the market in exchange under the immediate conditions existing at a certain date. To be distinguished from market value.
Market Value
The highest price estimated in terms of money which a buyer would be warranted in paying and a seller justified in accepting, provided both parties were fully informed, acted intelligently and voluntarily and, further, that all the rights and benefits inherent in or attributable to the property were included in the transfer.
Mechanics Lien
A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land.
Misrepresentation
False statement made to or concealment of knowledge from another party with the intent to provoke action from that party.
Mortgage
A lien or claim against real property given as security for a loan. It is a two party agreement as apposed to the three-party agreement of a deed of trust.
Mortgage Broker
A professional that helps consumers through the loan selection, processing and closing of a mortgage loan. Most mortgage brokers have access to a wide range of mortgage products through many mortgage lenders. Mortgage brokers are paid a fee by the borrower when a suitable mortgage is found and closed.
Mortgage Commitment
A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house.
Mortgagee
The lender of money or the receiver of the mortgage document.
Mortgage Insurance
Insurance required for a loan-to-value ratio above 80.01%.
Mortgage Banker
Financial intermediaries that originate mortgage loans through loan officers or independent mortgage brokers and sell the mortgages into the secondary mortgage market.
Mortgage Note
The document outlining the amount of the debt, the terms and payments, the interest rate, margins and caps for ARMs, the name of the lender and the borrower, and any other material item required by the lender.
Mortgage Warehousing
A funding facility, such as a commercial bank, that is used by mortgage companies to fund loans which are sold to an investor shortly thereafter. The mortgage notes are used as collateral for this interim financing.
Mortgagor
The borrower of money or the giver of the mortgage document.
Multiple Listing Service
A means of making possible the orderly dissemination and correlations of listing information to its members so that REALTORS may better serve the buying and selling public.
N
The association of REALTORS dedicated to the protection and the preservation of the free enterprise system and the right of the individual to own real property as guaranteed by the Constitution of the United States of America. Each member of the NATIONAL ASSOCIATION OF REALTORS must adhere to a strict Code of Ethics and Standards of Practice designed to provide assurances to the public of the REALTORS integrity and professionalism.
Negative Amortization
An increase in principal balance which occurs when the monthly payments do not cover all of the interest cost. The interest cost which is not covered by the payment is added to the unpaid principal balance.
Net Listing
An arrangement whereby the Broker receives as commission all monies received above a minimum sales price agreed to by the owners and the Broker.
Non-conforming Loan
Loans that are above the loan limits set by FNMA and FHLMC. Also known as jumbo loans.
Nonconforming Use
A property which does not conform to the zoning of an area.
Note
A written promise to repay a certain sum of money on specified terms.
N
A promise by one party to do a specified deed as the other party in turn performs a specific deed.
Open End Mortgage
A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions.
Open Listing
An authorization given by a property owner to a real estate Broker wherein said Broker is given the nonexclusive right to secure a purchaser; open listings may be given to any number of Brokers without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing, or secures the acceptance by the seller of a satisfactory offer.
Origination Fee
A fee or charge for work involved in the evaluation, preparation and submission of a proposed mortgage loan.
Owner of Record
The individual(s) named on a deed that has been recorded at the local municipality.
Owners Policy
Title insurance for the owner of property, rather than a lien-holder.
Ownership
The right to posses and use property to the exclusion of others.
P
A mortgage, deed of trust or land contract which is given instead of cash.
Partial Release
A release of a portion of property covered by a mortgage.
Permanent Mortgage
A mortgage on completed construction on the same property under one mortgage or trust deed.
Personalty
Property which is movable. All property is either personalty, realty or mixed.
PITI
Abbreviation for principal, interest, taxes and insurance, often combined in a single monthly mortgage payment.
Plat
A map or chart of a lot, subdivision or community, showing boundary lines, buildings and easements.
PMI
Abbreviation for private mortgage insurance: insurance issued by a company, which insures the lender against loss in the event that the borrower defaults on the mortgage.
Points
Origination fees charged by the originating lender or broker and/or discount fees charge by lenders to increase the overall yield. A point is equal to one percent of the principal amount of your mortgage.
Portfolio Loan
Loans held as an investment by a bank, savings and loan or credit union.
Power of Attorney
A written instrument authorizing a person to act as the agent of the person granting it, and a general power authorizing the agent to act generally in behalf of the principle. A special power limits the agent to a particular or specific act as: a landowner may grant an agent special power of attorney to convey a single and specific parcel of property. Under the provisions of a general power of attorney, the agent having the power may convey any or all property of the principal granting the general power of attorney.
Prepaid Interest
Prepaid interest is the interest charged to borrowers at loan closing to pay for the cost of borrowing for a partial month. For example, if a loan closes on the 15th of the month and the first payment is due 45 days later, the lender will charge 15 days of prepaid interest.
Prepaid Items of Expense
Prorations of prepaid items of expense which are credited to the seller in the closing statement.
Prepayment
Full payment of the principal before the due date; occurs when a property is sold or the borrower refinances the existing loan.
Prepayment Penalty
Charge levied by the lender for paying off a mortgage loan before its maturity date.
Primary Mortgage Market
The process of obtaining a real estate loan, including the consumer’s completion of a loan application form, validation of the credit and property information, loan underwriting by the lender and closing of the mortgage loan.
Primary Residence
Considered the permanent location of residency.
Principal
1) The outstanding balance of a loan. 2) A party to a real estate transaction. 3) The head of a real estate firm.
Private Mortgage Insurance (PMI)
Insurance which covers the portion of a mortgage loan above 80% thereby reducing the lenders risk to principal loss in the event of a borrowers default. The insurance coverage allows lenders to make higher loan-to-value ratios (95% LTV).
Processing, Underwriting and Document Fees
Charges for the lender’s services associated with making the loan.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights. Property is generally classified into two groups, personal property and real property.
Property Tax
A tax levied by the local municipality or county on real and personal property.
Prorations
The allocation of expenses, such as taxes between buyer and seller at closing based on the number of days the property is owned during the month of closing.
Prorate
To divide in proportionate shares, such as taxes, insurance, rent, or other items.
Planned Unit Development (PUD)
A housing development where there is a homeowners association and common areas owned by the homeowners.
Purchase Money Mortgage
A mortgage used to finance the purchase of real property.
Q
A deed operating as a release; intended to pass any title, interest or claim which the grantor may have in the property.
R
Land and anything permanently affixed to the land and those things attached to the building.
Real Estate Broker
A middle man or agent who buys and sells real estate for a company, firm, or individual on a commission basis. The broker does not have title to the property, but generally represents the owner.
Real Estate Tax
A pecuniary charge laid upon real property for public purposes.
Realtor
Registered name for a member of the NATIONAL ASSOCIATION OF REALTORS.
Realtor Associate
Salesperson associated with a broker who is a member of a the National Association of Realtors.
Realty
A synonym for real estate.
Recital
Setting forth in a deed or other writing some explanation for the transaction.
Recourse
The right of the holder of a note secured by a mortgage or deed of trust to look personally to the borrower or endorser for payment.
Redlining
The practice of refusing to provide loans or insurance in a certain neighborhood.
Refinancing
The repayment of a debt from the proceeds of a new loan using the same property as security.
Reissue rate
A charge for a title insurance policy if a previous policy on the same property was issued within a specified period of time. Reissue is less than the original charge.
REIT (Real Estate Investment Trusts)
A method in investing real estate in a group, with certain tax advantages.
Recision of Contract
Annulling a contract and placing the parties to it in a position as if there had not been a contract.
Release
An instrument releasing property from the lien of the mortgage, judgment, etc.
RESPA (Real Estate Settlement Procedures Act)
A federal regulation that requires lenders and mortgage brokers to disclose to borrowers, in advance, the fees required to obtain a mortgage loan.
Restrictive Covenants
Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may “run with the land,” binding all subsequent purchasers of the land, or may be “personal” and be binding only between the original seller and buyer.
Revenue Stamps
Formerly, federal tax on a sale of real property. Canceled and replaced by state tax stamps.
Riparian
Pertaining to the banks of a river, stream, waterway, etc.
Reverse Mortgage
A special program for the elderly that provides income until death. Payment requirements are arranged through the increase in the principal amount of the loan.
S
See agreement of sale.
Satisfaction of Mortgage
Document issued by mortgagee when the mortgage is paid off.
Secondary Financing
A loan secured by a mortgage or trust deed, which lien is junior to another mortgage or trust deed.
Secondary Market
The buying and selling of mortgage notes between sophisticated investors such as pension funds, commercial banks, savings and loans and wall street firms.
Secondary Market Investor
An entity, such as FNMA or FHLMC, that buys mortgage loans for investment or sells them again to another secondary market investor. Secondary market investors do not service loans and do not collect payments from borrowers.
Security
Real or personal property pledged by a borrower as additional protection for the lender’s interest.
Seller’s Broker
Agent who takes the seller as a client, is legally obligated to a set of fiduciary duties and is required to put the seller’s interests above all other’s.
Septic Tank
An Underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off.
Set Back Ordinance
Regulates the distance from the lot line to the point where improvements may be constructed.
Settlement
See “closing”.
Settlement Cost, a HUD Guide
This booklet gives an overview of the lending process and is required by HUD. It is provided to consumers after the loan application is completed.
Settlement Statement
A statement prepared by broker, escrow or lender giving a complete breakdown of the cost associated with a real estate transaction.
Sheriff’s Deed
A deed given at the sheriff’s sale in foreclosure of a mortgage.
Single Family Detached Home
A residential home that is not attached physically to another home.
Single Family Detached Home
A residential home that is not attached physically to another home.
Special Assessments
A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc.
Special Lien
A lien that binds a specified piece of property, unlike a general lien, which is levied against all one’s assets. It creates a right to retain something of value belonging to another person as compensation for labor, material, or money expended in that person’s behalf. In some localities it is called “particular” lien or “specific” lien. (See lien).
Special Warranty Deed
A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property. In a special warranty deed the grantor guarantees to the grantee that he has done nothing during the time he held title to the property which has, or which might in the future, impair the grantee’s title.
Standard Uniform Application
An application developed by FNMA and FHLMC that is widely used in the mortgage industry.
State and Local Housing Programs
Unique housing finance programs to assist first time home buyers and low to moderate housing groups. Each state and local group has different sets of criteria.
Statutory Lien
An involuntary lien, includes tax liens, judgment liens, mechanic liens, etc.
Survey
Map or plat made by a licensed surveyor who measures land and charts its boundaries, improvements, and relationship to the property surrounding it. A survey is often required by the lender to assure him that a building is actually sited on the land according to its legal description.
Survivorship
All rights of a joint tenant passes to the surviving joint tenant.
Sweat Equity
Equity created by the labor of the purchaser or borrower that increases the value of the property.
T
Tax as applied to real estate is an enforced charge imposed on persons, property, or income to be used to support the State. The governing body in turn utilizes the funds in the best interest of the general public.
Tax Lien
Lien for nonpayment of taxes.
Tax Sale
Public sale of property at an auction by a governmental authority, due to non payment of property taxes.
Tenancy
A holding, as of land, by any kind of title, occupancy of land, a house or the like under a lease or on payment of rent or tenure.
Tenancy at Sufferance
A tenancy which arises when a tenant holds over after expiration of his lease.
Tenancy at Will
A tenancy which may be terminated at the will of either the lessor or lessee.
Tenancy by the Entirety
A form of ownership by husband and wife whereby each owns the entire property. In event of the death of one, the survivor owns the property without probate.
Tenant
Any person in possession of real property with the permission of the owner.
Testate
Having made a will before death.
Time is of the Essence
Legal phrase in a contract requiring punctual performance of all obligations.
Title
Often used interchangeably with the word ownership. It indicates the accumulation of all rights in property by the owner and others.
Title, Escrow and Closing Agent Fees
These companies charge various fees for their services.
Title Insurance
An insurance policy which protects the insured (purchaser and lender) against loss arising from defects in title.
Title Search
A review of the public records generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims or outstanding restrictive covenants filed in the records, which would adversely affect the marketability or value of title.
Trustee
A party who is given legal responsibility to hold property in the best interest of or “for the benefit of” another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law. (See deed of trust).
Truth in Lending Statement (Regulation Z)
A federal government regulation that provides details of the cost of obtaining a mortgage loan. Lenders must provide this shortly after the loan application has been completed.
U
On a loan, claiming a rate of interest greater than permitted by law.
V
The act or process of estimating value; the amount of estimated value.
W
Most valuable type of deed in which the grantor makes formal assurance of title.
W2 Form
Income tax form that is provided by employers to employees that states the income and taxes paid in a calendar year.
Y
The interest earned by an investor on his investment (or bank on the money it has lent). Also called Return.
Z
The acts of an authorized local government establishing building codes, and setting forth regulations for property land usage.
Our Location
White Rose Settlement Services, Inc. is locally owned and operated since 1996 in York, Pennsylvania. Our main office is conveniently located at 1441 East Market Street, just minutes from Interstate 83, Route 30, and Downtown York.
Address
York, PA 17403
Office Hours
8:30am to 5:00pm
Evening and weekend settlements are available by appointment.
White Rose Settlement Services, Inc.
York, PA 17403