Bankrupt--A person, who, through a court proceeding, is relieved from the payment of all his debts after surrender of all his assets to a court appointed trustee.

Beneficiary (of a Trust)--A person designated to receive some benefit from the trust estate.

CC&R's --Covenants, Conditions and Restrictions. See Conditions and Restrictions below.

Chain--A term of land measurement being 66 feet in length.

Chain of Title--A term applied to the past series of transactions and documents affecting the title to a particular parcel of land.

Clear Title--One which is not encumbered or burdened with defects.

Clouded Title --An encumbered title.

Commitment to Insure--A report issued by a title insurance company, or its agent, committing the title insurance company to issue the form of policy designated in the commitment upon compliance with and satisfaction of requirements set forth in the commitment.

Company Loan--Loan by employer to facilitate relocation of employee. Usually short term.

Condemnation--Taking private property for public use through court proceedings.

Condition or Conditions--A proviso in a deed or a will that upon the happening or failure to happen of a certain event, the title of the purchaser or devisee will be limited, enlarged, changed or terminated.

Conditions and Restrictions--A common term used to designate the uses to which land may not be put and providing penalties for failure to comply. "Commonly used by land subdividers on newly platted areas."

Condominium--A system of individual fee ownership of units in a multi-unit structure, combined with joint ownership of common areas of the structure and land.

Consolidated Mortgage--Occurs in refinancing. Remaining balance from original mortgage is incorporated into new mortgage.

Contract for Deed--An agreement to sell and purchase under which title is withheld from the purchaser until such time as the required payments to the seller have been completed.

Convey--The act of deeding or transferring title to another.

Conveyance--An instrument by which title to property is transferred; a deed.

Cooperative--A residential multi-unit building owned by and operated for the benefit of persons living within.

Covenant--An agreement written into deeds and other instruments promising performance or non-performance of certain acts, or stipulating certain uses or non-uses of the property.

Cul De Sac--The terminus of a street or alley. "Usually laid out by modern engineers to provide a circular turn around for vehicles. In French 'the bottom of the sack.'"

Deed--A written document by which the ownership of land is transferred from one person to another.

Deed of Trust--See Mortgage below.

Delivery--The final and absolute transfer of a deed from seller to buyer in such a manner that it cannot be recalled by the seller. A necessary requisite to the transfer of title.

Devise--The disposition of land by will. "A term used for land alone and never for personal property."

Due on Sale Clause--Provision in a Mortgage or Deed of Trust which requires loan to be paid in full if property is sold or transferred.