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Mortgage Glossary

Certificate of Title

A record of property ownership issued by a title company or other qualified source. It is based on a title search to determine that the seller is the current legal owner, and to identify any liens on the property.

Certified Funds

In the United States this form of payment is guaranteed to clear or settle by the company that which certified the funds. When purchasing property the seller requires a guarantee that the payment will satisfy the obligations, sellers require certified funds in the form of a cashiers check, certified bank check or money order. Personal checks and credit cards are not acceptable.


The conclusion of a real estate transaction. At closing, you sign documents that transfer legal ownership of the property to you, and pay closing costs. Also called Settlement.

Closing Costs

Expenses you and the seller pay to complete the transfer of ownership. Closing costs might include an origination fee, attorney's fee, initial escrow payments, and charges for obtaining title insurance and a survey. Closing costs vary according to geographic location. Also called Settlement Costs.

Closing Disclosure (CD)

A new form/disclosure that replaces the HUD-1 Settlement Statement and the final Truth in Lending (TIL) disclosure that reflects the actual terms and costs of the transaction. The Closing Disclosure must be received by the consumer(s) at least three business days before consummation.

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