COVENANT – David Reecher A formal agreement or contract between two parties in which one party gives the other certain promises and assurances, such as covenants of warranty in a warranty deed.... Read More


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, ... Read More


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 – David Reecher The amount due a real estate broker, mortgage loan broker or real estate professional for services performed in such capacity.... Read More


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 en... Read More


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 ... Read More


CLOSING – David Reecher In some areas called a “settlement.” The process of completing a real estate transaction during which deeds, mortgages, leases and other required instruments are sign... Read More


CLAIM – David Reecher 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. A demand... Read More