2 S.R. Flashcards
A title insurance _______ policy is required by lenders and only covers their interest in the property.
Lender’s
________ perform title searches to determine who owns the property.
Title insurers
In most cases, the _______ is expected to pay the title insurance premium.
Buyer
________ is Latin for “suit pending.”
Lis Pendens
Quiet Title Suit or Action is a lawsuit to remove a ______ (also know as “cloud on the title”)
Defect
On behalf of the ______, the closer will prepare the deed and other closing papers.
Seller
The first obligation of the buyer before closing is to apply for a _____.
Mortgage loan
The _______ must pay at the closing the deed tax, if any, or other required government fees.
Seller
On the closing statement debits are _______.
Charges
A debit to the seller on the settlement statement ______ the amount of money the seller receives at the closing.
Decreases
A debit to the buyer on the settlement statement _______ the amount of money the buyer is responsible for bringing to the closing.
Increases
Closing statement credits are _______.
Receipts
A credit to the seller on the settlement statement _____ the amount of money the seller receives at closing.
Increases
A credit to the buyer on the settlement statement _____ the amount of money the buyer must bring to closing.
Decreases
______ is the form of ownership when a property is owned by two or more people at the same time with equal shares.
Joint Tenancy
