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Title Dictionary Abstract (of title) - A summary of public records relating to the title to a particular parcel of land. ALTA - America Land Title Association, a national association of title insurance companies and title abstract organizations. This term is used most frequently as part of the identification of standard policy forms adopted by that association. Closing - (1) Process by which all the parties to a real estate transaction conclude the details of a sale or mortgage. The process includes the signing and transfer of documents and distribution of funds. (2) Condition in description of real property by courses and distances at the boundary lines where the lines meet to include all the tract of land. Escrow - Money, securities, documents, or other property deposited with a third party to be held by the third party (called escrow agent) until the happening of a future event and then to be delivered to the designated party. In some states nearly all real estate transactions are closed through the use of escrow. Title - The sum of all the facts on which ownership is founded or by which ownership is proved. Title Plant - A compilation of records maintained by title companies and containing information about specific parcels of land. This information would be ascertained otherwise only be a search of the public records.