(Ch. 17) Vocab (Settlement) Flashcards
A statement reduced to writing and sworn to before a notary public or some other authorized officer in which the seller states the existence of any known liens or facts relating to the title that were not included in the title binder, and reveals any judgements that were not revealed in the search
Affidavit of Title
Delinquency in meeting an obligation; or paid at the end of a period (i.e., end of the month) for the previous period
Arrears
In closing statements, an expense or money received against a credit
Debit
The time when a transaction is consummated, or the actual signing over the documents and delivery of the deed; the time after signing when the documents are recorded
Closing
A statement of settlement made by a broker or an escrow company that reflects the financial position of the buyer and seller in that particular real estate transaction
Closing Statement
In closing statement, an amount entered in a person’s favor.
Credit
T
Homebuyer’s Guide to Settlement Costs
A standard settlement form required by RESPA
HUD-1 Uniform Settlement Statement
summarizes all the fees and charges that both the homebuyer and seller face during the settlement process of a housing transaction
Statement
To divide or distribute proportionately: to divide monies, usually at the time of closing, proportionately between seller and buyer
Prorate
A federal law dealing with federally related real estate loans for one- to four-family dwellings. Intended to provide borrowers with estimate of closing costs so they can comparison shop
Real Estate Settlement Procedures Act (RESPA)
Position of confidence and trust between agent and principal
Fiduciary
The order or specific instructions for the closing attorneys to follow in consummating the sale.
Sale Contract
Delivery of the mortgage and note to the lender and the disbursement of the mortgage funds to the mortgagor
Mortgage closing
