Page 44 - Homeowners Manual - Arizona
P. 44

Clouded Title: An encumbered title�                    Consumer’s Intent to Proceed: Unless a particular manner
                                                                 of communication is required by the creditor, a consumer
        Coinsurance: A form of insurance underwritten by two or   indicates intent to proceed with the transaction when
          more title insurers sharing a single risk under separate   the consumer communicates, in any manner, that the
          title insurance policies in proportional amounts�      consumer chooses to proceed after the Loan Estimate has
                                                                 been delivered� This may include (i) oral communication
        Common Interest Community (CIC): Ownership               in person immediately upon delivery of the Loan Estimate;
          characterized by mutual ownership of common areas,     or (ii) oral communication over the phone, written
          either jointly or through membership in an association,   communication via email, or signing a preprinted form
          e�g�, condominiums, planned unit developments and      after receipt of the Loan Estimate� A consumer’s silence is
          townhomes�
                                                                 not indicative of intent to proceed�
        Condemnation: Taking private property for public use   Contract for Deed: An agreement to sell and purchase,
          through court proceedings�                             under which title is held as security by the seller until such
          Also see “Eminent Domain�”
                                                                 time as the required payments to the seller have been
        Condition or Conditions: A proviso in a deed, will or other   completed�
          instrument that, upon the happening or failure to happen   Convey: The act of deeding or transferring title to another�
          of a certain event, limits, enlarges, changes or terminates
          the title of the purchaser or devisee�               Conveyance: An instrument by which title is transferred, e�g�,
                                                                 a deed� Also the act of transferring title�
        Conditions and Restrictions: Limitations placed on the use
          and enjoyment of land� May include penalties for failure   Covenant: An agreement written into deeds and other
          to comply� These are found most often on condominiums   instruments promising performance or nonperformance
          and planned unit developments�                         of certain acts, or stipulating certain uses or non-uses of
                                                                 the property�
        Condominium: A system of individual fee ownership of units
          in a multi-unit structure, combined with joint ownership of   Cul-de-Sac: The terminus of a street or alley� Usually laid
          common areas of the structure and land�                out by modern engineers to provide a circular turnaround
                                                                 for vehicles�
        Conservator: See “Guardian�”
        Consummation: Consummation is not the same thing as    D
          closing or settlement� Consummation occurs when the
          consumer becomes legally obligated to the creditor on   Deed: A written document by which the ownership of land is
          the loan, not, for example, when the consumer becomes   transferred from one person to another�
          contractually obligated to a seller on a real estate   Deed of Trust: An instrument used in many states in place
          transaction�                                           of a mortgage� Property is transferred to a trustee by the
                                                                 trustor (borrower), in favor of the beneficiary (lender) and
                                                                 reconveyed (satisfied) upon payment in full�

                                                               Devise: The disposition of real property by will�






























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