Chapter 14: Real Estate Computations and Closing Transactions Flashcards
The _____ must clear any title problems and arrange for preparation of a deed.
seller
The seller provides either an _____ or _____ as evidence of merchantable title.
abstract of title
title insurance policy
The purpose of a closing statement is to _______.
summarize the transaction
When a residential closing involves financing provided by a federally-regulated lender, the closing agent is required to use the _______ form.
HUD-1 Uniform Closing Statement
Entries on a closing statement are identified to the buyer and seller as _____ and _____.
credits and debits
The closing statement reflects the financial relationship of the buyer and seller on ______.
day of closing
The binder deposit shows as a _____ to the _____.
credit
buyer
A first mortgage balance would show as a _____ to the seller and _____ to the buyer.
debit
credit
Doc stamp tax on the deed is usually paid by the _____.
seller
Doc stamp tax on the deed is ____/$100 (oft)
$.70
Doc stamp tax on the deed applies to _____ home sales.
all
Doc stamp tax on notes is usually paid by the _____.
buyer
Doc stamp tax on the notes is _____/$100 (oft)
$.35
Doc stamp tax on the note is paid in _____ and _____ types of transactions.
new
assumed
State intangible tax on a mortgage is usually paid by the _____.
buyer
