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CLOSING (OR SETTLEMENT) The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance). DESCENT The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate. JUNIOR MORTGAGE A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first. CONVEYANCE The transfer of title to real property by means of a written instrument such as a deed or an assignment of lease. TAX IMPOUND Money paid to and held by a lender for annual tax payments. |
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