Details Title: Chapter 16: Closing & Escrow Description: Chapter 16 for test 2 for David Butler's Test Total Flash Cards: 8 Created: 10/27/2008 20:28:04		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Real Estate & Planning Flashcards
Cards in this set: Term What is a seller responsible for? Definition to bring tax bill, insurance policy, for the property. Offset statement, by an owner as to the balance due on existing lien. Beneficiary statement, of the unpaid balance on a note secured by a trust deed. Term What is the buyer responsible for? Definition have settlement funds, attorney present if desired, and if borrowing obtaining the loan commitment and advising the lender of the meetings time and place. Term What is a agent responsible for? Definition to be responsible for the transaction, be there for both parties Term What is HUD-1? How is it used? Definition required of all lenders. changes buyer to borrower. Term Escrow Definition Neutral 3rd party to close a real estate transaction. Term Prorated. What comes with it Definition Divison of ongoing expenses and income items b/t the buyer & seller. i.e: insurance premiums, property taxes, accrued interest on assumed loans, and rents and operating expenses Term RESPA Definition Real Estate Settlement Procedures Act. it is to regulate and standardize real estate settlement practices Term Good Faith Estimate Definition charges will be paid to the title or escrow company that conducts the settlement.