All | A B C D E F G H I J L M N O P Q R S T V W Z
There are currently 23 terms in this directory beginning with the letter C.
Covenants, Conditions and Restrictions. Also see “Conditions and Restrictions.
Chain of Title
A term applied to the past series of transactions and documents affecting the title to a particular parcel of land.
Changed Circumstance
In accordance with the TRID Rule, events which allow a creditor to revise a Loan Estimate or a Closing Disclosure include: (i) an extraordinary event beyond the control of any interested party or other unexpected event specific to the consumer or transaction; (ii) information specific to the consumer or transaction that the creditor relied upon when providing the Loan Estimate and that was inaccurate or changed after the disclosures were provided; (iii) new information specific to the consumer or transaction that the creditor did not rely on when providing the Loan Estimate; (iv) revisions requested by the consumer; (v) when the Loan Estimate expires; or (vi) on the day of the rate lock.
Also known as “escrow” or “settlement.” The process of executing legally binding documents, such as deeds and mortgages, most commonly associated with the purchase of real estate and the borrowing of money to assist in the purchase.
Closing Costs
Expenses for services incidental to a sale of real estate, such as sales commissions, loan fees, title fees, appraisal fees, etc.
Closing Disclosure
The five-page Closing Disclosure, also referred to as CD, must be provided to the consumer three business days before they close on the loan. The Closing Disclosure details all of the costs associated with the mortgage transaction.
Closing Statement
A summation, in the form of a balance sheet, made at a closing showing the amounts of debits and credits to which each party to a real estate transaction is entitled.
Cloud on Title
An irregularity, possible claim, or encumbrance which, if valid, would affect or impair the title.
Clouded Title
An encumbered title.
A form of insurance underwritten by two or more title insurers sharing a single risk under separate title insurance policies in proportional amounts.
Common Interest Community (CIC)
Ownership characterized by mutual ownership of common areas, either jointly or through membership in an association, e.g., condominiums, planned unit developments and townhomes.
Taking private property for public use through court proceedings. Also see “Eminent Domain.”
Condition or Conditions
A proviso in a deed, will or other instrument that, upon the happening or failure to happen of a certain event, limits, enlarges, changes or terminates the title of the purchaser or devisee.
Conditions and Restrictions
Limitations placed on the use and enjoyment of land. May include penalties for failure to comply. These are found most often on condominiums and planned unit developments.
A system of individual fee ownership of units in a multi- unit structure, combined with joint ownership of common areas of the structure and land.
See “Guardian.”
Consumer’s Intent to Proceed
Unless a particular manner of communication is required by the creditor, a consumer indicates intent to proceed with the transaction when the consumer communicates, in any manner, that the consumer chooses to proceed after the Loan Estimate has been delivered. This may include (i) oral communication in person immediately upon delivery of the Loan Estimate; or (ii) oral communication over the phone, written communication via email, or signing a preprinted form after receipt of the Loan Estimate. A consumer’s silence is not indicative of intent to proceed.
Consummation is not the same thing as closing or settlement. Consummation occurs when the consumer becomes legally obligated to the creditor on the loan, not, for example, when the consumer becomes contractually obligated to a seller on a real estate transaction.
Contract for Deed
An agreement to sell and purchase, under which title is held as security by the seller until such time as the required payments to the seller have been completed.
The act of deeding or transferring title to another.
An instrument by which title is transferred, e.g., a deed. Also
the act of transferring title.
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.
The terminus of a street or alley. Usually laid out by modern engineers to provide a circular turnaround for vehicles.