Unit 14 Closing the Real Estate Transaction Flashcards
What is RESPA?
1-Ensures buyers know the full cost of financing a home.
2-Attempts to limit illegal kickbacks.
What is the payoff statement?
The amount the seller owes.
What is the abstract of title?
Disclose all liens, conditions, and restrictions on the property.
What is a debit?
An amount to be paid by the buyer or the seller.
What is a credit?
An amount payable to the buyer or the seller.
What is a Uniform Settlement Statement?
HUD-1. A required itemized statement that shows all the charges paid by a buyer.
What is an accrued item?
Bills that are owed by the seller.
What is a prepaid item?
Expenses
What is closing?
point which ownership of property is transferred in exchange for the payment of purchase price.
What is a survey?
Provides information about the exact location, and size of the property.
What is an escrow agent?
A disinterested third party authorized to coordinate the closing activities.
What is the Loan Estimate form?
Must be provided to the buyer within 3 days of receiving the loan application.
What is the closing disclosure?
Itemizes all changes in paid connection with closing.
What is the mortgage servicing transfer statement?
If the lender intends to sell or assign the loan.
What is a closing statement?
Involves an accounting amounts paid by or received by the parties.
