Terms Used In Maine Revised Statutes Title 33 Sec. 525

• Deed: The legal instrument used to transfer title in real property from one person to another.
• Disbursement of settlement proceeds: means the payment or sending of all proceeds of the transaction to the person or account designated to receive the proceeds. See Maine Revised Statutes Title 33 Sec. 522
• 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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: means the time when the settlement agent has received the loan funds, loan documents and other documents and funds to carry out the terms of the contract between the parties and the settlement agent reasonably determines that all conditions for disbursement of the settlement proceeds as required by applicable law or such contracts have been satisfied. See Maine Revised Statutes Title 33 Sec. 522
• 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 agent: means the person responsible for conducting the settlement and disbursement of the settlement proceeds and includes an individual, corporation, partnership or other entity conducting the settlement and disbursement of loan proceeds. See Maine Revised Statutes Title 33 Sec. 522
• United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72