The A-Z of Escrow: C

Chain of Title: A history of the ownership of a particular property.

Certificate of Title: In areas where attorneys examine abstracts or chains of title, a written opinion, executed by the examining attorney, stating that title is vested as stated in the abstract.

Close of Escrow: The date the documents are recorded and title passes from Seller to Buyer. On this date, the Buyer becomes the legal owner, and title insurance becomes effective.

Closing: The final step in the sale, purchase or refinance of property where ownership of the property is transferred.

Closing Costs: A general term to describe the fees that a borrower will pay at closing. These costs are sometimes called "settlement fees."

Commissions: A fee or allowance given to a sales person or agent or realtors which usually receive about 3% of the sales price (i.e. 3% to selling realtor and 3% to listing realtor) of the property at the close of escrow.

Commitment to Insure: Document stating conditions of the title insurance, also referred to as binder.

Constructive Notice: Notice imparted by the public records of the county when documents entitled to recording are recorded.

Contingent: Dependent upon conditions or events specified but not yet accomplished. Property may be sold contingent upon the seller or buyer meeting a predetermined condition.

Conveyance: An instrument in writing, such as a deed or trust deed, used to transfer (convey) title to property from one person to another.

Covenant:

(1) A formal agreement or contract between two parties in which one party gives the other certain promises and assurances, such as the covenant of warranty in a warranty deed.

(2) Agreements or promises contained in deeds and other instruments for performance or nonperformance of certain acts, or use or nonuse of property in a certain manner.

Covenants, Conditions and Restrictions: Commonly called "CC&Rs" (which are sometimes referred to as private zoning) and usually refers to a written recorded declaration which sets forth certain conditions, rules, covenants, restrictions or regulations established by a landowner to create uniformity of buildings and use within tracts of land or groups of lots. These restrictions can also be established via deed.