Page 42 - Homeowners Manual - San Joaquin County
P. 42

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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