4485556
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Mind Map by Brigita Safyra, updated more than 1 year ago
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Created by Brigita Safyra
almost 9 years ago
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6A.REAL ESTATE CLOSINGS
- MARKETABLE TITLE
Good or clear title,
reasonably free from
the risk of litigation
over possible defects.
- TITLE SEARCH of the public records The process
of examining all relevant records to confirm
that the seller is the legal owner of a property
and that there are no liens or other claims
outstanding.
- TITLE SEARCH of the public records The process
of examining all relevant records to confirm
that the seller is the legal owner of a property
and that there are no liens or other claims
outstanding.
- CONSTRUCTIVE NOTICE Notice given by
recorded documents. All people are
charged with knowledge of such
documents and their contents, whether
or not they have actually examined
them. Possession of property is also
considered constructive notice that the
person in possession has an interest in
the property.
- CHAIN OF TITLE All the times a title has
moved from owner to owner, until the
present. Attorneys use this history to
evaluate the title's status. (A gap in the
chain of title is "cloud on title")
- CLOUD ON THE TITLE
Any encumbrance or
claim that might
invalidate a title to a
property. also called
title defect.
- SUIT TO QUIET TITLE A court
action intended to establish or
settle the title to a particular
property, especially when there
is a cloud on the title.
- ABSTRACT OF TITLE a
summarized chronological
history of title to a
property,listing all recorded
documents that affect the
title.
- TITLE INSURANCE Insurance to protect a
lender or owner against loss in the
event of a property ownership dispute.
Title insurance is most frequently used
for mortgages, and is required by a
large number of lenders.
- OWNERS POLICIES In title insurance,
this is the part of the policy that
protects the borrower in the event
something were to go wrong with the
title, such as a lien that was missed in
the title search. This policy is designed
to protect the borrower against losses
of this type.
- OWNERS POLICIES In title insurance,
this is the part of the policy that
protects the borrower in the event
something were to go wrong with the
title, such as a lien that was missed in
the title search. This policy is designed
to protect the borrower against losses
of this type.
- REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) of 1974
requires mortgage lenders,mortgage brokers or services of
home loans to provide borrowers with pertinent an timely
disclosures of the nature and costs of the real estate
settlement process.
- HUD Department of Housing and
Urban Development. Federal agency
responsible for encouraging housing
development.
- HUD-1 A document prepared by a closing agent describing a
real estate transaction, including the escrow deposits for
taxes, commissions, loan fees, points, hazard insurance, and
mortgage insurance. also called closing statement or
settlement sheet.
- HUD-1 A document prepared by a closing agent describing a
real estate transaction, including the escrow deposits for
taxes, commissions, loan fees, points, hazard insurance, and
mortgage insurance. also called closing statement or
settlement sheet.
- CLOSING The finalizing of the sale of a property, as
its title is transferred from the seller to the buyer.
also called settlement. Final step in real estate transaction.
- BILL OF SALE A document that transfers
title of an asset from a seller to a buyer.
- SURVEY The process by which boundaries are
measured and land areas are determined; the
on-site measurement of lot lines, dimensions,
and position of a house on a lot, including the
determination of any existing encroachments
or easements.
- SATISFACTION OF MORTGAGE Save to
Favorites Definition A document
acknowledging the payment of a mortgage
debt.
- HOMEOWNERS INSURANCE Insurance
that combines liability insurance and
hazard insurance. Required by most
mortgage lenders.
- SETTLEMENT STATEMENT (also known as CLOSING
STATEMENT) Definition Detailed document provided to the
buyer and seller of a piece of property that outlines what is
owed by both parties participating in the transaction. This
statement is provided as part of closing proceedings on the
property and is required by federal law. All costs associated
with the sale are included in this official document.
- DEBITS(like debts) are sums of money owed.
- CREDITS are sums of money received.
- CREDITS are sums of money received.
- PRORATION Expenses that are allocated
between the seller and the buyer;
expenses that are either prepaid or paid in
arrears that are divided or distributed
between buyer and seller at the closing.
- ACCRUED EXPENSES An expense that is incurred, but not
yet paid for, during a given accounting period.
- PREPAID EXPENSES are the items on settlement statement
the seller has already paid.
- PREPAID EXPENSES are the items on settlement statement
the seller has already paid.
- ACCRUED EXPENSES An expense that is incurred, but not
yet paid for, during a given accounting period.
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