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Consumer Credit
Term used to mean a loan offered or extended primarilly for personal, family, or household purposes.
Consumation
Term used to mean the time a consumer becomes contractually obligated under state law to make payments under a loan.
Rescission
Act of repealing or voiding something or some action (3 business days).
HOEPA
Home Ownership Equity Protection Act
Truth-In-Lending Act
Federal law designed to provide consumers with information for an informed use of credit, requires creditors to disclose to consumers the true costs of a consumer loan.
Financing Charge
Term used to mean any charge or fee payable directly or indirectly by the consumer to obtain a consumer loan.
Consumer
Term meaning a natural person to whom a loan for personal, family, or household purposes is offered.
RESPA-Real Estate Settlement Procedures Act
Federal law designed to reform the real estate settlement process and to ensure that consumers receive more information about real estate settlement costs.
HUD-1
Uniform settlement statement required by the RESPA for all real estate transactions that invole a federally related mortgage loan.
Kickback
Payment of money or something of value to a person for the purpose of obtaining business from that person.
Mortgage Loss Payable Clause
Endorsement to a policy of fire and hazard insurance whereby the owner of the insured property and the insurance company agree that any and all proceeds payable under the policy are to be paid directly to the lender who has a mortgage on the insured property.
Settlement Costs
All costs involved in the settlement or closing of a real estate transaction, such items include, but are not limited to, attorney's fees, surveyor's fees, title insurance premiums, recording fees, and appraisal fees.
Closing
Consumation of a real estate purchase and sales transaction.
Loan Closing
Consumation of a loan secured by real property.
Escrow
Agreement that requires the deposit of a document or money into the possession of a third party to be held by that party until certain conditions are fulfilled.
Loan Commitment
Contract between a lender and borrower to make and accept a mortgage loan secured by real property, loan commitment sets forth the terms, requirements, and conditions fror the mortgage loan.
Endorsement
Amendment to a title insurance policy that generally modifies exsisting coverage or adds special coverage to the policy.
Mortgage or Loan Policy
Poliy of title insurance that insures the interest of a mortgagee or lender of the title of real property.
Title Insurance Commitment
Commitment or contract by a title insurance company to issue a title insurance policy.
Pending Disbursment Clause
Clause found in construction loan title insurace policy that provides that the insurance coverage under the policy will be in the amount of the loan as it is disbursed to the borrower up to and not tpo exceed the face amount of the policy.
Title Insurance
Contract to indemnify the insured against loss through defects in the title to real property.
Owner's Policy
Policy of title insurance that insures an owner's title to real property.
Affidavit
Sworn statement of fact.
ALTA
American Land Title Association.
Marketable Title
Title to real property that is free from doubt and enables the owner to hold the real property in peace free from the hazard of litigation or adverse claims.
Plat or Tract Index
Index of all palts that have been recorded within the cunty within a given year.
Lis Pendens
Notice recorded in the real property records that informs that a law suit affecting title to real property described in the notice has been filed and is pending.
Record Title Holder
Owner of real property as shown on th deed records from a title examination of the property.
Quit Title Action
Judicial proceeding to establish the ownership of real property.
Grantee Index
Alphabetical index of the public real property records that lists the last names of all people who are grantees of real property interest during a given year within the county.
Grantor Index
Alphabetical index of the public real property records that lists the last names of all people who are grantors of real property interest during a given year within the county.
Chain of Title
Historical sequence of all owners to a particulare tract of real property beginning with the original owners and including all successive owners who derived their title from the original owner.
Title Examination
Examination of the real property records to determine the ownership to a particular tract of real property.
Constuctive Notice
A presumption of law that charges a person with notice of all title matters that can be descovered from an inspection of the real property or an examination of public real property records.
Recording Statute
State statutes that regulate the recordation of real property documents.
Bona-Fide-Purchaser for Value
Person who pruchases real property in good faith for valuable consideration without notice of any claim to or interest in the real property by any other party.
Actual Notice
Title matters about which a purchaser has direct knowledge or information.
Bill of Sale
Legal document that transfers ownership to personal property
Condominium Plat
Plat of survey of condominium property required by state condominium acts. The plat must show in sufficient detail the location and dimensions of the real property, as well as all condominium units located on the real property
Condominium
Form of property ownership in which the owner owns an individual unit in a multiunit building and is a tenant in common with other owners of unit in the building in certain common areas
Limited Common Areas
Common area of a condominium that is limited in use to one or more condominium unit owners
Common Areas
That portion of the condominium property that is owned in common by all the owners of units in the condominium
Condominium Association
Governing body of a condominium, the memebers of which are owners of condominium units. The condominium association usually is in the form of a nonprofit corporation
Condominium Declaration
Legal document required by state condominium acts to create a condominium
Assessment
Sum of money owned by a condominium owner for monthly upkeep of the common areas of the condominium
Cooperative
Form of ownership of real property in which a corporation owns a multiunit building and leases living space in the building to the shareholders of the corporation
Time-Share
Form of ownership of real property in which an owner owns the property for a short period, usually one or two weeks of each year. Time-share ownership typically is used for vacation or recreational property
Resission
Right to terminate a contract
Lease
Legal document that transfers possession of real property from one party to another. The lease also may contain numerous terms and conditions involving the use and possession of the property.
Residentail Lease
A lease for the possession and use of a residence such as an apartment or a house
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