Page 47 - Homeowners Manual - Napa County

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.
42