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5 Cards in this Set
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Closing |
Consummation of a real estate purchase and sale transaction: date set forth in a real estate contract on which the parties both agree to perform all the promises of the contract. The date on which ownership of the real property is transferred from seller to purchaser and the purchaser pays the seller the purchases price for the real property |
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Escrow |
Agreement that requires the deposit of a document or money into the possession of a third party to be held by that party until certain conditions are fulfilled |
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Loan Closing |
Consummation of a loan secured by real property |
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Loan Commitment |
Contract between a borrower and lender to make and accept a mortgage loan secured by real property. The loan commitment sets forth the terms, requirements, and conditions for the mortgage loans |
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Mortgage-sign note and mortgage
Sale- Act of cash sale |
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