Page 48 - Homeowners Manual - Napa 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
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.

43