Title to property that is free from liens, defects or other encumbrances, except those which the buyer has agreed to accept, such as mortgage to be assumed, the ground lease of record, and the like; established title; title without clouds. CLIENT TRUST ACCOUNT An account set up by a broker to keep client's monies segregated from the broker's general funds. CLOSING The final stage of consummating a real estate transaction when the seller delivers title to the buyer, in exchange for the purchase price. CLOSING COSTS Expenses of the sale which must be paid in addition to the purchase price (in the case of the buyer's expenses), or be deducted from the proceeds of the sale (in the case of the seller's expenses). CLOSING STATEMENT A detailed cash accounting of a real estate transaction prepared by an escrow officer or other person designated to process the mechanics of the sale, showing all cash that was received, all charges and cr s which were made, and all cash that was paid out in the transaction; also called a settlement statement.
CLOUD ON TITLE Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity