Term
| What is a seller responsible for? |
|
Definition
| to bring tax bill, insurance policy, for the property. Offset statement, by an owner as to the balance due on existing lien. Beneficiary statement, of the unpaid balance on a note secured by a trust deed. |
|
|
Term
| What is the buyer responsible for? |
|
Definition
| have settlement funds, attorney present if desired, and if borrowing obtaining the loan commitment and advising the lender of the meetings time and place. |
|
|
Term
| What is a agent responsible for? |
|
Definition
| to be responsible for the transaction, be there for both parties |
|
|
Term
| What is HUD-1? How is it used? |
|
Definition
| required of all lenders. changes buyer to borrower. |
|
|
Term
|
Definition
| Neutral 3rd party to close a real estate transaction. |
|
|
Term
| Prorated. What comes with it |
|
Definition
| Divison of ongoing expenses and income items b/t the buyer & seller. i.e: insurance premiums, property taxes, accrued interest on assumed loans, and rents and operating expenses |
|
|
Term
|
Definition
| Real Estate Settlement Procedures Act. it is to regulate and standardize real estate settlement practices |
|
|
Term
|
Definition
| charges will be paid to the title or escrow company that conducts the settlement. |
|
|
