In the title industry, it means the depositing with an impartial third party (typically an escrow agent or title company) of anything pertaining to a real estate transaction including money and documents of all kinds. (2) A law suit to regain possession of real estate held by another.ĮMINENT DOMAIN – The right of a government to take privately owned property for public purposes under condemnation proceedings upon payment of its reasonable value.ĮNCROACHMENT – The extension of a structure from the real estate to which it belongs across a boundary line and onto adjoining property.ĮNCUMBRANCE – A claim, right or lien upon the title to real estate, held by someone other than the real estate owner.ĮNDORSEMENT – Addition to or modification of a title insurance policy that expands or changes coverage of the policy, fulfilling specific requirements of the insured.ĮSCROW – Technically, this term strictly refers to a deed delivered to a third person to be held by him until the fulfillment or performance of some act or condition by the grantee. Consummation occurs when the consumer becomes contractually obligated to the creditor on the loan, not, for example, when the consumer becomes contractually obligated to a seller on a real estate transaction.ĬONTRACT – Same as “agreement,” but usually more formal.ĬOVENANT – A formal agreement or contract between two parties in which one party gives the other certain promises and assurances, such as covenants of warranty in a warranty deed.ĮARNEST MONEY – Down payment or a small part of the purchase price made by a purchaser as evidence of good faith.ĮASEMENT – A right held by a person to enjoy or make limited use of another’s real property.ĮGRESS – The right to a path or right-of-way over that a person may leave or go away from his own real estate.ĮJECTMENT – (1) Eviction or dispossession. The Closing Disclosure details all of the costs associated with their mortgage transaction.ĬLOSING 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.ĬLOUD ON TITLE – An irregularity, possible claim, or encumbrance which, if valid, would affect or impair the title.ĬOMMISSION – The amount due a real estate broker, mortgage loan broker or real estate professional for services performed in such capacity.ĬONDITIONS – This refers to provisions in deeds and other real estate instruments that make a particular right contingent upon the occurrence of some future event.ĬONSUMMATION – Consummation is not the same thing as closing or settlement. A demand for something as one’s rightful due.ĬLOSING – In some areas called a “settlement.” The process of completing a real estate transaction during which deeds, mortgages, leases and other required instruments are signed and/or delivered, an accounting between the parties is made, the money is disbursed, the papers are recorded, and all other details such as payment of outstanding liens and transfer of hazard insurance policies are attended to.ĬLOSING DISCLOSURE – The five-page Closing Disclosure must be provided to the consumer three business days before they close on the loan. The chain of title is the composite of all such links.ĬLAIM – A right to assert, or the assertion of, a demand for payment of money due or the surrender or delivery of possession of property or the recognition or some right. CERTIFICATE OF TITLE – In areas where attorneys examine abstracts or chains of title, a written opinion, executed by the examining attorney stating that title is vested as stated in the abstract.ĬHAIN OF TITLE – Beginning with a conveyance out of an original source of title such as a government, each succeeding deed, will or other medium which conveys and transfers the title to succeeding owners constitutes a link in the chain of title.
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