Chapter 20 / Lesson 19 - Contract to Completion

Question 1

adjustment date

Answer 1

agreed date for adjustment of taxes, interest, rent, and other appropriate items; usually adjustment and possession dates are the same

Question 2

encroachment

Answer 2

fixture which illegally intrudes into or invades on public or private property

Question 3

conveyance

Answer 3

process of transferring estate in fee simple by way of transfer document. conveyancing usually refers to transfer of title to land, but also includes dealings such as assignments, leases, and mortgages

Question 4

statement of adjustments

Answer 4

closing statement whose format is structured by debits and credits

Question 5

property transfer tax exemptions

Answer 5

first time home buyer and newly built home exemption