Flashcards - Real Estate Closing & Settlement Procedures

Flashcards - Real Estate Closing & Settlement Procedures
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Closing costs
Closing costs are fees paid at the closing of a real estate transaction
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closing
Closing is the final step in executing a real estate transaction
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Capital gains
A capital gain is a profit that results from a sale of a capital asset, such as stock, bond or real estate, where the sale price exceeds the purchase price
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7 cards in set
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Capital gains
A capital gain is a profit that results from a sale of a capital asset, such as stock, bond or real estate, where the sale price exceeds the purchase price
closing
Closing is the final step in executing a real estate transaction
Closing costs
Closing costs are fees paid at the closing of a real estate transaction
Escrows
An escrow is: * a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or * an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, * a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums
HUD-1 Settlement Statement
The HUD-1 Settlement Statement is a standard form in use in the United States of America which is used to itemize services and fees charged to the borrower by the lender or broker when applying for a loan for the purpose of purchasing or refinancing real estate
loan officer
Loan Officers, also referred to as "Mortgage Loan Originators", are people who work for banks and other financial institutions with the main objective to recommend individual and business loan applications for approval
notice statute
The vast majority of states in the United States employ a system of recording legal instruments that affect the title of real estate as the exclusive means for publicly documenting land titles and interests

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