Real Estate Facts   Q:  Do real estate forms have to be notarized? A:  Most real estate forms must be notarized to be recorded in the land records.  Examples are deeds and mortgages.  Forms that will not be recorded generally do not have to be notarized, such as a lease form. 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.