Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
Date of closing |
The date documents are recorded and title insurance is written |
|
|
Pest control report |
A report from a structural pest control company stating the termite or other types of pest damage found and the cost of repairing it |
|
|
Coinsurance |
The requirement by a lender that a property be insured up to its full value, or only a proportion of any loss will be reimbursed |
|
|
Escrow officer |
The person at the escrow company who handles the paperwork of the escrow |
|
|
Pro ration |
Adjustments of interest taxes and insurance etc. on a prorated basis as of the closing or agreed-upon date |
|
|
Title insurance |
Insurance to protect a real property owner or lender up to a specified amount against certain types of loss e.g defective or a marketable title |
|
|
CL TA |
The minimum standard title insurance policy in California that does not require a property survey |
|
|
AL TA |
The most all exclusive title insurance policy; it requires a property survey and is usually required by most lenders |
|
|
Escrow instruction |
The Written instructions of the escrow, prepared by the escrow officer and approved by both the buyer and the seller |
|
|
Chain of title |
A history of conveyance and encumbrance affecting the title from the time the original patent was granted or as far back as records are available, used to determine how title came to be vested in current owner |
|
|
Escrow |
The process of depositing instrument, funds , and instructions, with a third neutral party to finalize the transaction |
|
|
Title plant |
A filing of all recorded information to real property |
|
|
Pay off demand statement |
Written instructions by a lender stating and demanding the amount necessary to pay off a loan |
|
|
Preliminary title report |
A report showing the condition of title before a sale our loan transaction |
|
|
RESPA |
A federal statute requires disclosure of certain cost in the sale of a residential property |
