Definition
Cloud on Title
Any claim, lien or encumbrance that impairs clear ownership and must generally be resolved before a sale can close.
Nearby terms
Closing Costs
All fees and charges payable at closing beyond the down payment, including loan costs, title, government charges, prepaids and escrow reserves.
Closing Disclosure
The five-page federal form detailing final loan terms and costs, required at least three business days before consummation.
Collateral
The property pledged as security for a loan, which the lender may foreclose upon if the note is not paid.
Combined Loan-to-Value
All liens secured by the property divided by its value, including second mortgages and home equity loans.
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