CH 16 Flashcards
What is the Buyers Walkthrough ?
A final inspection of the property prior to closing
What is the Title Closing?
The process of completing a real estate transition
What is the Closing Meeting?
Seller meets in person with the buyer and delivers the deed
Where are the 5 common places closings are held?
Wherever the parties agree
The Lenders bank
The Attorneys Offices
The Real Estate Agents Office
The Title Company
What are the main Responsibilities of the Seller?
Bring the Deed, most recent property tax bill, any requested reports/ surveys,
What are the main responsibilities of the buyer?
have adequate settlement funds ready, obtain the loan commitment (if borrowing), advise the lender of the meeting time and place, lender wires the funds to the escrow agent
What is a Settlement statement
an accounting of funds to the buyer and the seller at the completion of
a real estate transaction
What is a Dry Closing
all parties sign their documents
and entrust them to the person in charge of the
closing for safekeeping; no money is disbursed
and the deed is not delivered until the missing
paperwork arrives.
What are the duties of the Escrow Agent ?
Get Title Examined, Collect all Documents, Contact lender for pay off amounts and release documents, deposit and disburse funds, record the deed and mortgage,
What are some Buyer Expenses?
Appraisal fees, Real Estate Taxes, Inspection fees, attorneys fees,
What are the Sellers Expenses?
Brokers Commission, Real Estate Tax, Attorneys fees, Owners policy title fees
What is the Closing Disclosure Form?
provides disclosures that will be helpful to consumers in understanding all of the costs of the transaction
What is the Real Estate Settlement Procedures Act (RESPA)
a federal consumer protection law to give consumers information about the costs associated with their real estate transaction
What transactions are not covered by RESPA?
Seller financed transactions, loan primarily for commercials, business or ag purposes, and short term financing
What does Right to Cure mean ?
The rules give the loan originator the opportunity to cure any violation by reimbursing the borrower inany amount in which the tolerance has been exceeded.
