Frost Mortgage Banking Group Glossary of Terms

A statement provided by an abstract company, title company, or attorney stating that the title to real estate is legally held by the current owner.

The history of all of the documents that transfer title to a parcel of real property, starting with the earliest existing document and ending with the most recent.

The frequency (in months) of payment and/or interest rate changes in an adjustable rate mortgage (ARM).

Another name for personal property.

A title that is free of liens or legal questions as to ownership of the property.

A meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing costs. Also called "settlement." At this meeting, ownership of the property is transferred from the seller to the buyer.

A fee or amount that a home buyer must pay at closing for a single service, tax, or product. Closing costs are made up of individual closing cost items such as origination fees and attorney's fees. Many closing cost items are included as numbered items on the HUD-1 statement.

Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey. Closing costs percentage will vary according to the area of the country; lenders or Realtors^® often provide estimates of closing costs to prospective home buyers.

See HUD-1 statement.

Any conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by a quitclaim deed, release, or court action.

A sharing of insurance risk between the insurer and the insured. Coinsurance depends on the relationship between the amount of the policy and a specified percentage of the actual value of the property insured at the time of the loss.

Coinsurance

Cloud On Title

Closing Statement

Closing Costs

Closing Cost Item

Closing

Clear Title

Chattel

Change Frequency

Chain Of Title

Certificate Of Title

Previous "C"s