#COVENANT OF SEISIN EXAMPLE PROFESSIONAL#

The Closing Disclosure details all of the costs associated with their mortgage transaction.ĬLOSING 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.ĬLOUD ON TITLE – An irregularity, possible claim, or encumbrance which, if valid, would affect or impair the title.ĬOMMISSION – The amount due a real estate broker, mortgage loan broker or real estate professional for services performed in such capacity.ĬONDITIONS – This refers to provisions in deeds and other real estate instruments that make a particular right contingent upon the occurrence of some future event.ĬONSUMMATION – Consummation is not the same thing as closing or settlement. A demand for something as one’s rightful due.ĬLOSING – In some areas called a “settlement.” The process of completing a real estate transaction during which deeds, mortgages, leases and other required instruments are signed and/or delivered, an accounting between the parties is made, the money is disbursed, the papers are recorded, and all other details such as payment of outstanding liens and transfer of hazard insurance policies are attended to.ĬLOSING DISCLOSURE – The five-page Closing Disclosure must be provided to the consumer three business days before they close on the loan.

The chain of title is the composite of all such links.ĬLAIM – A right to assert, or the assertion of, a demand for payment of money due or the surrender or delivery of possession of property or the recognition or some right.

The yearly interest percentage of a loan as expressed by the actual rate of interest paid.ĪPPRAISAL – An estimate of value of property from analysis of facts about the property an opinion of value.ĪTTORNEY’S OPINION – The written statement of an attorney setting forth what he believes to be the condition of a real estate title.ĬERTIFICATE OF TITLE – In areas where attorneys examine abstracts or chains of title, a written opinion, executed by the examining attorney stating that title is vested as stated in the abstract.ĬHAIN OF TITLE – Beginning with a conveyance out of an original source of title such as a government, each succeeding deed, will or other medium which conveys and transfers the title to succeeding owners constitutes a link in the chain of title. The word “mortgage” is also derived from the same Latin root.ĪPR – Annual Percentage Rate. It is the killing off of an existing debt by regular partial payments. ALTA member companies include businesses that conduct your closing and issue you an Owner’s Policy of Title Insurance.ĪMORTIZATION – This term has developed through French and Old English from the Latin words “mors” or “mort” meaning death or dead. In most states, by operation of law, title to the land becomes vested in such occupier after a fixed number of years of peaceful occupancy.ĪLL-INCLUSIVE RATE – This is a rate that includes the insurance premium, and at least some part of the cost of the title search, examination and the cost of conducting the closing/settlement.ĪLTA – American Land Title Association, the national trade association for the title insurance industry. Said occupier is said to hold possession adversely to the rights and interests of the owner. ABSTRACT – An abbreviation of the cardinal aspects of all recorded deeds, mortgages, leases and other instruments affecting the title to a particular piece of land.ĪBSTRACTING – The process of making and compiling an abstract.ĪBSTRACTER – The person or company engaged in making abstracts.ĪDVERSE POSSESSION – The unauthorized occupation of land belonging to another, by a person who does not have the consent of the owner.

Covenant of seisin example