Terms Used In North Carolina General Statutes 45A-5

• Bank: means a financial institution, including but not limited to a national bank, state chartered bank, savings bank, or credit union that is insured by the Federal Deposit Insurance Corporation or a comparable agency of the federal or state government. See North Carolina General Statutes 45A-3
• Closing: means the time agreed upon by the purchaser, seller, and lender (if applicable), when the execution and delivery of the documents necessary to consummate the transaction contemplated by the parties to the contract occurs, and includes a loan closing. See North Carolina General Statutes 45A-3
• Closing funds: means the gross or net proceeds of the real estate transaction, including any loan funds, to be disbursed by the settlement agent as part of the disbursement of settlement proceeds on behalf of the parties. See North Carolina General Statutes 45A-3
• Collected funds: means funds deposited and irrevocably credited to a settlement agent's account used to fund the disbursement of settlement proceeds which account is a trust account, escrow account, or an account held by a company or its subsidiary which is licensed and supervised by the North Carolina Commissioner of Banks. See North Carolina General Statutes 45A-3
• Lender: means any person or entity engaged in making or originating loans secured by mortgages or deeds of trust on real estate. See North Carolina General Statutes 45A-3
• Loan closing: means the time agreed upon by the borrower and lender, as applicable, when the execution and delivery of loan documents by the borrower occurs. See North Carolina General Statutes 45A-3
• Loan funds: means the gross or net proceeds of the loan to be disbursed by the settlement agent as part of the disbursement of settlement proceeds on behalf of the borrower and lender. See North Carolina General Statutes 45A-3
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Settlement: means the time when the settlement agent has received the duly executed deed, deed of trust or mortgage, and other loan documents and funds required to carry out the terms of the contracts between the parties. See North Carolina General Statutes 45A-3
• Settlement agent: means the person or persons responsible for conducting the settlement and disbursement of the settlement proceeds, and includes any individual, corporation, partnership, or other entity conducting the settlement and disbursement of the closing funds. See North Carolina General Statutes 45A-3