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10 Cards in this Set
- Front
- Back
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CLOSING
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The final transaction between a buyer and seller of real property.
At the closing, all agreements between buyer and seller are finalized, documents are signed and exchanged, money passes to the seller, and title to the property passes to the buyer. |
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LOAN CLOSING
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Closing involves the Actions and procedures that are required to effect the documentation and disbursement of loan funds after the application has been approved, and the execution of all required documentation and its filing and recordation where required.
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ESCROW
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Funds that are set aside and held in trust, usually for payment of taxes and insurance on real property. Also earnest deposits held pending loan closing.
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LOAN COMMITMENT
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A promise by a lender to make a loan on specific terms or conditions to a borrower or builder. A promise by an investor to purchase mortgages from a lender with specific terms or conditions. construction loan (interim loan): A loan to provide the funds necessary to pay for the construction of buildings or homes. These are usually designed to provide periodic disbursements to the builder as he progresses.
contract sale or deed: A contract between purchaser and a seller of real estate to convey title after certain conditions have been met. It is a form of installment sale. |
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MORTGAGE LOSS PAYABLE CLAUSE
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ENDORSEMENT TO A POLICY OF FIRE AND HAZARD INSURANCE WHEREBY THE OWNER OF THE INSURED PROPERTY AND THE INSURANCE COMPANY AGREE THAT ANY AND ALL PROCEEDS PAYABLE UNDER THE POLICY ARE TO BE PAID DIRECTLY TO THE LENDER WHO WHO HAS A MORTGAGE ON THE PROPERTY
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RESPA
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RESIDENTIAL ESTATE SETTLEMENT PROCEDURES ACT
A federal Law designed to reform the real state settlement process and to ensure that consumers receive more information bout real estate settlement costs. |
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SETTLEMENT COSTS
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All costs involved in the settlement or closing of a real estate transaction. Such items include but are not limited to attorney's fees, surveyor's fees title insurance premiums recording fees and appraisal fees.
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HUD-1
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Uniform settlement statement required by the Real Estate Settlement Procedures Act for all real estate transactions that involve a federally related mortgage loan
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KICKBACK
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Payment of money or something of value to a person for the purpose of obtaining business from that person
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TRUTH IN LENDING ACT
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Federal Law designed to provide consumers with information for an informed is of credit. The Truth in Lending Act requires creditors to disclose to consumers the true cost of a consumer loan.
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