2.2 Flashcards
What kind of payment is made by the buyer immediately after a purchase agreement has been accepted?
Earnest money
A debit to the seller’s closing statement __________ the net.
Decreases
______ always require the buyer to have proof of homeowner’s insurance at or before closing.
Lenders
What must the seller disclose to the buyer?
Any material facts about the property
If the buyer’s side of the closing statement shows a ________, the buyer is being charged that amount of money.
Debit
If the seller’s side of the closing statement shows a _______, the seller is charged - or “owes” - that amount.
Debit
A _________ on the buyer’s side of the closing statement means the buyer receives credit for that amount of money.
Credit
What does an attorney give to a client after examining title to a property?
An opinion
What are “metes and bounds?”
A method of survey
The ______ will arrange for the property to be appraised.
Lender
At the closing the buyer will give what form of payment for the amount due?
Certified or Cashier’s Check
On the closing statement, a “credit” means an amount of money _______.
Received
On a closing statement, a “debit” means an amount of money ______.
Charged
When you see the word “debit” think of it as a charge, or an amount _______.
Owed
If the buyer’s side of the closing statement shows a debit, the buyer is being ___________ that amount of money.
Charged
