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GOOD FAITH ESTIMATE Written estimate of the settlement costs the borrower will likely have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application. DOUBLE ESCROW An escrow set up to handle the concurrent sale of one property and purchase of another property by same party. HABITABLE Being fit to live in. The residential landlord has an obligation to keep the leased premises in a habitable condition. FREE AND CLEAR TITLE Title to real property which is absolute and unencumbered by any liens, mortgages, clouds or other encumbrances. CERTIFIED CHECK A check which the bank guarantees to be good, and against which a stop payment is ineffective. NON-ASSUMPTION CLAUSE A statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender. |
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