Any conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by deed, release, or court action.
See Settlement Statement.
Closing costs are separated into what are called “non-recurring closing costs” and “pre-paid items.” Non-recurring closing costs are any items which are paid just once as a result of buying the property or obtaining a loan. “Pre-paids” are items which recur over time, such as property taxes and homeowners insurance. A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application.
This has different meanings in different states. In some states a real estate transaction is not consider “closed” until the documents record at the local recorders office. In others, the “closing” is a meeting where all of the documents are signed and money changes hands.
A title that is free of liens or legal questions as to ownership of the property.
An analysis of the transfers of title to a piece of property over the years.
Once the appraisal has been performed on a property being bought with a VA loan, the Veterans Administration issues a CRV.
A document issued by the Veterans Administration that certifies a veteran’s eligibility for a VA loan.(top)
One of the indexes used for determining interest rate changes on some adjustable rate mortgages. It is an average of what banks are paying on certificates of deposit. (top)
A time deposit held in a bank which pays a certain amount of interest to the depositor. (top)
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