19) Closing the Real Estate Transaction

Question 1

Closing

Answer 1

The final state of the real estate purchase transaction, when the deed and the purchase money are exchanged.

Question 2

Broker

Answer 2

An agent who facilitates a transaction between parties

Question 3

Settlement Clerk

Answer 3

The person who is designated to coordinate the exchange of documents at the closing.

Question 4

Affidavit of Title

Answer 4

A sworn statement verifying facts that satisfy certain objections to title.

Question 5

Real Estate Settlement Procedures Act

Answer 5

A federal law that requires lending institutions to disclose certain information to purchasers of residential real estate and prohibits those institutions from engaging in certain fraudulent activities.

Question 6

Home Loan Toolkit

Answer 6

A CFPB booklet containing information about the real estate purchase process, including negotiating a sales contract and home loan financing.

Question 7

Loan Estimate Form

Answer 7

The form that is required for mortgage creditors to provide borrowers within three days of their application that contains information about the terms of the loan. (Interest Rate, Monthly Payment, Estimated Taxes & Insurances, Total Closing Costs)