CONSUMMATION
CONSUMMATION – David Reecher Consummation is not the same thing as closing or settlement. Consummation occurs when the consumer becomes contractually obligated to the creditor on the loan, not, for ... Read More
CONDITIONS
CONDITIONS – David Reecher This refers to provisions in deeds and other real estate instruments that make a particular right contingent upon the occurrence of some future event.... Read More
COMMISSION
COMMISSION – David Reecher The amount due a real estate broker, mortgage loan broker or real estate professional for services performed in such capacity.... Read More
CLOUD ON TITLE
CLOUD ON TITLE – David Reecher An irregularity, possible claim, or encumbrance which, if valid, would affect or impair the title.... Read More
CLOSING STATEMENT
CLOSING STATEMENT – David Reecher 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 entitl... Read More
CLOSING DISCLOSURE
CLOSING DISCLOSURE – David Reecher The five-page Closing Disclosure must be provided to the consumer three business days before they close on the loan. The Closing Disclosure details all of the cost... Read More