Page 49 - Homeowners Manual - Santa Clara 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�
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