Q:  What is the difference in a warranty and a quitclaim deed? A:  A warranty deed assures the buyer that the Seller will defend his title to the property from all other persons.  A quitclaim deeds conveys whatever title the seller owns but with no warranty against the claims of others. Q:  What is a disclosure statement? A:  A disclosure statement, as used in the real estate context, is a form the seller of property must complete and provide to the buyer disclosing to the buyer all defects and various other information about the residential property. Q:  What is a closing? A:  Although this term may mean different things in different states, the "closing" is a meeting where all of the documents are signed and money changes hands. Q:  Who is the grantee and grantor? A:  Grantee - The person to whom an interest in real property is conveyed.     Grantor - The person conveying an interest in real property.  Q:  What is Truth-in-Lending? A:  A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.  Q:  What does tenancy in common mean? A:  As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death. Q:  What is the Real Estate Settlement Procedures Act (RESPA) A:  A consumer protection law that requires lenders to give borrowers advance notice of closing costs.