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
