Cap
A limitation on the interest rate increase or decrease on
an Adjustable Rate Mortgage loan.
Ceiling
The highest rate that an ARM loan rate can be adjusted to.
Chain of
title A history of conveyance and encumbrances affecting
the title from the time it passed from government ownership,
or as far back as records are available.
Clear title
Unencumbered title to real property, free of liens or defects.
Also "free and clear."
Closing
In real estate, the delivery of a deed, financial adjustments,
signing notes and the disbursing funds necessary to consummate
a sale or loan transaction.
Closing
costs Expenses incidental to making a loan including
(where applicable) title insurance premiums, appraisal fees,
credit reports, surveys, document preparation fees and notary
expenses.
Closing
statement The written statement provided by the escrow
company to each of the parties to the loan transaction showing
the amounts received and the amounts paid out for various
items.
Cloud on
title Any conditions revealed by a title search that
adversely affect the title to real estate.
Collateral
Any property pledged as security for a debt.
Condominium
A form of ownership of real property. The owner receives
title to a particular unit and a proportionate interest in
certain common areas.
Conveyance
The transfer of title to land. Includes most instruments by
which an interest in real estate is created, mortgaged or
assigned.
Credit
rating A rating given to a person or company that
establishes creditworthiness based upon present financial
condition, experience and past credit history.
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