Chapter 17 - Real Estate Closing (Settlement) Procedures Flashcards
1
Q
What is title closing?
A
the part of the closing process in which the deed and other closing documents are delivered to the purchasers in exchange for payment of the balance of the purchase price
2
Q
What is mortgage closing?
A
the mortgage transaction is closed by delivery of the mortgage and note to the lender and the disbursement of the mortgage funds to the mortgagor
3
Q
What are the basic closing documents?
A
(i) sales contract, (ii) closing statement, (iii) deed of conveyance, (iv) affidavit of title, (v) survey
4
Q
What is the NJ Realty Transfer Fee?
A
It is the fee that the seller has to pay on the day of the closing
