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11 Cards in this Set
- Front
- Back
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Settlement Agent |
conducts the proceedings at a closing and calculates the division of income & expenses between parties |
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settlement |
process of adjusting and prorating credits, debits, and closing expenses to conclude a real estate transaction |
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Real Estate Settlement Procedures Act RESPA |
Ensures consumers are provided with important, accurate and timely information about actual costs of settling or closing the transaction; says we must use HUD statement |
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prorations |
shared expenses, either prepaid, or paid in arrears, that are divided equitably between buyer and seller @ settlement |
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due diligence |
buyers opportunity to investigate property |
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debit |
a charge |
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credit |
paid to party :) |
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accrued items |
unpaid items to be prorated that are owed by the seller but will be paid later by buyer |
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settlement statement HUD |
itemizes all charges to be paid in connection with closing |
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prepaid items |
expenses that have already been paid by the seller prior to settlement; buyer needs to rebate that portion to seller |
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yield spread premium |
substantial fee paid to mortgage brokers for making loans to subprime borrowers @ above market interest rates |
