Section 14 Flashcards
Once a purchase and sale contract has been signed between a buyer and seller, who’s responsibility is it to see the deal through to closing
sales associate
presents the buyer and seller with a financial summary of the deal
closing disclosure
a type of compensation that incrementally increases as the sale price increases
graduated commission
a five-page document similar to the loan estimate, so borrowers can ensure that they are closing with the loan terms quoted at the outset of the process
closing disclosure
means that money is being given to the person receiving the money.
credit
means that the person is being charged money
debit
Items paid __ ______ are entered as a credit to the buyer and a debit to the seller
in arrears
Items paid _____ are entered as a credit to the seller and a debit to the buyer
ahead
The seller will owe property taxes from the beginning of the year through the
day before closing
buyer will owe homeowner association fees which are paid in advance from ____________________ through the end of the period collected.
the day of closing
Documentary Stamp Tax is charged as _____ per $100 of the purchase price
$00.70
Documentary Stamp Tax is charged as ______ per $100 of total mortgages
$00.35
Intangible Tax is charged as 2 mills which equals _______ per $1 of a new mortgage
$00.002
taxes that are paid behind or
in arrears
Payments on a loan that are calculated to allow the same payment amount due for each payment
period
level payment plan
