Upgrade to remove ads
Settlement/Transfer of ownership
Terms in this set (15)
Sheriff's Costs of sale
are the first to be paid from foreclosure proceeds.
To transfer a right to another; A tenant transferring his or her right of possession, or other interest in leased property, to another for the remainder of the lease term. To transfer without a release.
When one party takes over responsibility for the loan of another party, with terms of the loan or note remaining unchanged. (Usually lender approval is needed. Also, a release is needed or original party remains secondarily liable for the loan. )
Real Estate Settlement Procedures Act...Federal law dealing with real estate closings which sets forth specific procedures and guidelines for disclosure of settlement costs.
Purchase Money Mortgage
a mortgage where the seller finances all or part of the sale price of a piece of property for a buyer.
Land Installment contract
A real estate installment agreement where buyer makes payment to seller in exchange for right to occupy and use property, but no deed or title is transferred until all or a specified portion of payments have been made. Also called installment land contract, installment sales contract, land sales contract, real estate contract.
Insurance that indemnifies against losses resulting from undiscovered title defects and encumbrances. And is chosen by the lender.
an instrument that conveys ownership of real property from the grantor to the grantee.
closing settlement statement
a document that presents a final detailed accounting for a real estate transaction, listing each party's debits and credits and the amount each will receive or be required to pay at closing. Also called a closing statement or HUD-1
Real estate taxes
are a debit to the seller, who must bring the taxes current at the day of closing. They are credited to the buyer when taxes are prorated between the two parties. An annual tax levied on the value of real property. Also called property taxes.
abstract of title
a brief chronological summary of the recorded documents affecting the title to a particular parcel of real property.
Chain of title
The chain of deeds (and other documents) transferring title to a piece of property from one owner to the next, as disclosed in the public record.
a document that presents a final, detailed accounting for a real estate transaction listing each party debits and credits and the amount each will receive or be required to pay at closing. Also called Settlement Statement.
a legal doctrine that prevents a person from asserting rights or facts that are inconsistent with his or her earlier actions or statement, when he or she failed to object (or attempt to stop) another person's actions.
Covenant of Seisin
a promise or agreement of possession under a legal right
Sets with similar terms
Chapter 16 Vocab
Chapter 8 exam prep real estate participants
Real estate chapter 1-13
Real Estate: Transfer of Property
Other sets by this creator
Review: Owning and Understanding forms of real est…
Practice exam 1
Real Estate areas of weakness
Professional responsibilities/Fair practice/admini…
Other Quizlet sets
Heart Sounds and Cardiac Murmurs
Chapter 7 World History - Jeopardy Notes
Exam FX Life Insurance Test Questions