CHATTEL
An item of personal property (as opposed to real property).

CLEAR TITLE
Real property against which there are no liens or judgments.

CLOSING
The conclusion of a transaction. In real estate, closing includes the delivery of a deed, delivery of financial disclosures, the signing of notes and the disbursement of funds necessary to consummate the sale. Title is transferred.

CONVERTIBLE MORTGAGE
An adjustable rate mortgage that contains a clause allowing it to be converted to a fixed rate at some time in the future.

CREDIT REPORT
A report giving a person's credit history. It will show delinquent payments, bankruptcies, foreclosures and public records. There are three bureaus reporting credit information.

DEED
A written instrument that when properly executed and delivered, conveys title or ownership of real property from the seller to the buyer.