Consumer safeguards which limit the amount the interest
rate on an adjustable rate mortgage may change per year and/or the life
of the loan.
Consumer safeguards which limit the amount the monthly
payment on an adjustable rate mortgage may change.
"Let the Purchaser beware". The buyer is duty-bound to
examine the property he is purchasing and he assumes conditions which
are readily known upon view.
Certificate of Reasonable Value
Commonly referred to as a "CRV" Veterans Administration's
certified appraisal of value of real property.
Certificate of Taxes Dues
A written statement or guaranty of the condition of the
taxes on a certain property, made by the County Treasurer of the county
wherein the property is located. Any loss resulting to any person from
an error in a tax certificate shall be paid by the county which such
The meeting between the buyer, seller and lender or their
agents where the property and funds legally change hands. Also called
Usually include an origination fee, discount points,
appraisal fee, title search and insurance, survey, taxes, deed recording
fee, credit reporting charge and other costs assessed at closing. The
costs of closing usually are about 3 to 6 percent of the mortgage amount.
Cloud on the Title
An outstanding claim or encumbrance which, if valid,
would affect or impair the title of the owner of the property.
Mixing money belonging to other with personal or business
funds. Illegal commingling is using the money of one beneficiary for
the benefit of another or failing to maintain such money in identified
An agreement, often in writing, between a lender and
a borrower to loan money at a future date subject to the completion
of paperwork or compliance with stated conditions.
The individual outright ownership of a single unit in
a multi-unit property together with an interest in the common elements
of that property.
One of the essential elements of a contract A promise
or an act of legal value bargained for and received in return for a
A short-term interim loan used to finance the construction
of a building. The lender advanced funds to the builder at periodic
intervals as the work progresses.
A condition that has to be removed before the transaction
can be finalized.
An agreement, enforceable at law, between two or more
competent persons, having for its object a legal purpose, wherein the
parties agree to act in a certain manner.
A mortgage securing a loan made by private investors
without governmental participation; that is, which is not FHA insured
or VA guaranteed.
An instrument in writing by which some estate, interest,
or title in real estate is transferred from one person to another, such
as a deed or mortgage.
The rejection of an initial offer to purchase with a
substitute offer that could change the price and/or terms of the original
A report documenting the credit history and current status
of a borrowers credit standing.