chapter 5 Flashcards
closing
buyer shall pay the sales price in good funds acceptable to the escrow agent. buyer is to bring “good funds” to closing. good funds may be a cashier’s check or wire transfer
buyers temporary residential lease
this lease is used when the buyer move before closing
notice
for use when buyer occupies the property for no more than 90 days prior to the closing
seller
releases of existing liens
buyer
appraisal fees, loan application fees
proration
is the process of dividing ongoing expenses between the buyer and the seller at closing. Prorations are generally calculated through the day of closing for taxes, maintenance fees
default
when a party to a contract fails to perform under the contract, they are in default. Failure to perform is also commonly referred to as a “ breach of contract”
medication
t is the policy of the state of texas to encourage resolution of disputes through alternative dispute resolution procedures such as mediation
escrow
the escrow agent is not a party to this contract and does not have liability for the performance or nonperformance of any party to this contract
federal tax requirements
a seller with no social security card or green card is considered a foreign person. The escrow agent will withhold from the sales proceeds an amount sufficient to comply with applicable tax law and deliver the same to the IRS.
consult an attorney
TREC rules prohibit real estate license holders from giving legal advice. Enter attorney contact information if applicable.
execution
when the last party signs and acceptance has been communicated to the other party’s agent. The date of final acceptance is filled in .
MLS
pursuant to a previous, separate agreement ( such as a MLS offer of compensation or other agreement between brokers) listing broker has agreed to pay other broker a fee
