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20 Cards in this Set

  • Front
  • Back
title closing
the meeting to review and execute the closing documents, pay and receive money, and title
evidence of the right to possess property
the instrument used to convey title to real property
type of blueprint t showing measurements, boundaries, and area of a property
constructive notice
all the world is bound by knowledge of the existance of the conveyance of title if the evidence of the conveyeance is recorded
Actual notice
requires that the person in fact knows about the document
marketable title
reasobaly free and clear of encumbrances should be provided
title search
search for records affecting the real estate title
abstract of title
condensed history of the title
chain of title
must be unbroken (40-60yrs)to be marketable and good
vendor's affidavit
states that seller has done nothing since the original title evidence to affect the title adversely
title insurance
contract of insurance that insures the policy owner against financial loss if title to real estate is not good. Paid once.
standardized homeowner's insurance
include medical coverage and personal liability coverage for negligence.
Real Estate Settlement Procedures Act
regulates lending activities of lending institutions i nmaking mortgage loans for housing.
RESPA requirements
Good faith estimate (of settlement costs), buyer's guide to settlement costs, and HUD Form No.1 (itemized costs)
Truth In Lending Act
requires disclosure form lenders of rates and charges to be paid toward mortgage.
closing statement
Records what must happen at the closing, including money distribution.
items owed
items received
division of expenses and income between buyer nd seller