Page 40 - Homeowners Manual - Marin County

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 the
more title insurers sharing a single risk under separate consumer communicates, in any manner, that the consumer
title insurance policies in proportional amounts� chooses to proceed after the Loan Estimate has been
delivered� This may include (i) oral communication in person
Common Interest Community (CIC): Ownership characterized immediately upon delivery of the Loan Estimate; or (ii) oral
by mutual ownership of common areas, either jointly or communication over the phone, written communication via
through membership in an association, e�g�, condominiums, email, or signing a preprinted form after receipt of the Loan
planned unit developments and townhomes�
Estimate� A consumer’s silence is not indicative of intent
Condemnation: Taking private property for public use to proceed�
through court proceedings� Contract for Deed: An agreement to sell and purchase, under
Also see “Eminent Domain�” which title is held as security by the seller until such time as

Condition or Conditions: A proviso in a deed, will or other the required payments to the seller have been 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 Deed of Trust: An instrument used in many states in place
estate 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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