Deeds & Real Estate Closings Flashcards
We talked about a formal legal description, an FLD – what are some examples of a formal legal description?
Section, Block and Lot Number, Metes and Bounds Description
Which description would NOT be a formal legal description?
The street name and street address
Who determines what the real estate commission will be on a particular deal? ____________ and ____________.
The Broker, Client
If someone dies without having a valid will, he died ____________.
Intestate
If someone dies without having a valid will and the state cannot locate any heirs or creditors, that person’s property reverts to the state through a process called ____________.
Escheat
What is the name of the standardized closing statement or settlement statement, required by RESPA (1974) called?
HUD-1
What is a synonym for ‘proration’?
Adjustment
What’s the name of the deed which gives the most legal promises (covenants and warranties) to the buyer?
The Full Covenant and Warranty Deed
What is a title search report?
Research of the past owners (chain of title) and all documents associated with the property going back 40-60 years.
What is a title abstract?
Summary of a title report
What is it called if I track back the successive owners of a piece of real estate, starting with the current deed and working my way backwards in time?
Chain of Title
The ____________ is the person giving up the real estate. The ____________ is the person getting the real estate.
Grantor, Grantee
The deed is signed by all the ____________. The ____________ does not have to sign.
Grantors, Grantee
Deed is a ____________.
Instrument that conveys a grantor’s interest in real property
A ____________ is a paper showing ownership. ____________ is the idea of ownership.
Deed, Title
____________ is the transfer of title by deed.
Conveyance
Ownership travels from one owner to another in a ____________.
Conveyance of title
Title is officially transferred at ____________ and ____________ acceptance of the deed.
delivery, acceptance
Generally speaking, who creates the real estate ‘Contract of Sale’?
Seller’s Attorney
Who signs the contract first?
Buyer
What does the buyer attach to the contract after signing it?
Earnest Money Deposit, Down Payment
Who holds the earnest deposit money from the buyer from the signing of the contract until closing?
Seller’s Attorney in Escrow
Who signs the contract last?
Seller
