Deed of Title:

Legally-binding document that specifies ownership, gives a Legal Description of Property, and outlines the rights granted to the Owner of the Property.

Escrow Account:

A temporary account used as a mediator between the financial accounts of the Grantor and Grantee while all aspects of the closing are being processed. It is used as a method of verifying for the Seller that the Buyer's funds are good, and as an assurance to the Buyer that the funds will not be disbursed until all the documents have been properly filed and all relevant fees are made known.

Estoppel Certificate:

A certificate or letter from the resort that outlines the exact status of the timeshare property. It explains any maintenance fees pending, as well as the rules or restrictions on how the timeshare may be used.

Grantor:

The Seller in a timeshare title transfer. The Grantor is the person who owns the property and is in the process of granting all rights of ownership to the Grantee (the Buyer.)

Grantee:

The Buyer in a timeshare title transfer. The Grantee is the person who is receiving rights of ownership to a property from the Grantor (Seller.)

Legal Description of Property:

An exact description of the property, filed with public records, and is derived over time through the chain of title. Any significant changes made to the property will require an update of the Legal Description as it appears in the title before granting ownership to another individual.

Quitclaim Deed:

A Quitclaim Deed is a Deed of Title that contains no warranties from the Grantor to the Grantee. The property is deeded "as is." This is type of deed is most common in gift transactions.

Warranty Deed:

A Warranty Deed is a specific kind of Deed of Title. A Warranty Deed grants all rights of ownership to the Grantee, but it also contains certain promises or "warranties" from the Grantor. Should any discrepancies later arise, the Grantor will be held responsible for the veracity of all warranties made in this Deed of Title.