Page 43 - Homeowners Manual - Arizona
P. 43

Assessment: The imposition of a tax, charge or levy, usually   Changed Circumstance: In accordance with the TRID Rule,
          according to established rates�                        events which allow a creditor to revise a Loan Estimate
                                                                 or a Closing Disclosure include: (i) an extraordinary
        Assessor: A public official who evaluates property for the   event beyond the control of any interested party or other
          purpose of taxation�                                   unexpected event specific to the consumer or transaction;
                                                                 (ii) information specific to the consumer or transaction
        Assignee: One to whom a transfer of interest is made� For   that the creditor relied upon when providing the Loan
          example, the assignee of a mortgage or contract�
                                                                 Estimate and that was inaccurate or changed after the
        Assignor: One who makes an assignment� For example, the   disclosures were provided; (iii) new information specific
          assignor of a mortgage or contract�                    to the consumer or transaction that the creditor did not
                                                                 rely on when providing the Loan Estimate; (iv) revisions
        Assumable Mortgage: A mortgage which, by its terms,      requested by the consumer; (v) when the Loan Estimate
          allows a new owner to take over its obligations�       expires; or (vi) on the day of the rate lock�
        Attachment: Legal seizure of property to force payment of a   Chain of Title: A term applied to the past series of
          debt�                                                  transactions and documents affecting the title to a
                                                                 particular parcel of land�
        Attorney in Fact: One who holds a power of attorney from
          another, allowing him or her to execute legal documents   Cloud on Title: An irregularity, possible claim, or
          such as deeds, mortgages, etc�, on behalf of the grantor   encumbrance which, if valid, would affect or impair the
          of the power�                                          title�
        B                                                      Closing: Also known as “escrow” or “settlement�” The
                                                                 process of executing legally binding documents, such as
        Balloon Mortgage: A mortgage that is amortized over a    deeds and mortgages, most commonly associated with
          specific period of years, but requires a lump-sum payment   the purchase of real estate and the borrowing of money to
          in full at an earlier date�                            assist in the purchase�
        Bankruptcy: A federal court proceeding in which debtors   Closing Costs: Expenses for services incidental to a sale
          may be relieved of liability for their debts after surrender   of real estate, such as sales commissions, loan fees, title
          of their nonexempt assets to a court-appointed trustee�  fees, appraisal fees, etc�

        Bureau of Land Management: The branch of government in   Closing Disclosure: The five-page Closing Disclosure, also
          charge of surveying and managing public land�          referred to as CD, must be provided to the consumer three
                                                                 business days before they close on the loan� The Closing
        C                                                        Disclosure details all of the costs associated with the
                                                                 mortgage transaction�
        CC&R’s: Covenants, Conditions and Restrictions�
          Also see “Conditions and Restrictions�”              Closing 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�
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