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CLOUD ON TITLE Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity. SETTLEMENT COSTS Also known as closing costs, these costs are for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, taxes, and surveying fees. OFFSITE COSTS Costs such as for sewers, streets, utilities, etc., which are incurred in the development of raw land, but are not connected with the actual construction of the buildings(onsite costs). CONDEMNATION Either a judicial or administrative proceeding to exercise the power of eminent domain, i.e., the power of the government to take private property for public use. TENANCY IN COMMON A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will. TITLE COMPANY A company that insures title to property. REAL ESTATE The physical land and appurtenances, including any structures; for all practical purposes synonymous with real property. DOMICILE The state where an individual has his true, fixed, permanent home and principal business establishment and to which place he has the intention of returning whenever he is absent. INITIAL RATE The rate charged during the first interval of an ARM loan. |
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