Q&A Hero

Question

a. 30-day month k. HUD settlement statement (HUD-1)
b. beneficiary statement l. loan escrow
c. CC&Rs m. offset statement
d. closing date n. outside of the closing
e. closing meeting o. prorate
f. deed delivery p. RESPA
g. dry closing q. settlement meeting
h. escrow agent r. settlement statement
i. escrow closing s. title closing
j. good faith estimate t. walk-through
1> when seller and buyer meet in person to close a real estate transaction
2> statement by an owner or lienholder as to the balance due on an existing lien against the property
3> conditions, covenants, and restrictions of a condominium, cooperative, or a planned unit development
4> a custom in some states of using a 30-day month to simplify proration calculations
5> an accounting of funds to the buyer and seller at the completion of a real estate transaction
6> deposit of documents and funds with a neutral third party plus instructions as to how to conduct the closing
7> the moment at which title passes from the seller to the buyer
8> to divide the ongoing income and expenses of a property between the buyer and the seller
9> a federal law that deals with procedures to be followed in certain types of real estate closings
10> the person or firm in charge of an escrow
11> an escrow for the purpose of financing a property not in connection with a sale
12> refers to closing costs paid by the buyer or seller that did not go through the closing agent
13> a list of anticipated closing costs given to the borrower by the lender as required by RESPA
14> federally related lenders are required to use this particular closing statement format
15> the day on which the closing is finalized. Also called the settlement date
16> a meeting at which the buyer pays for the property and receives a deed for it; also called a settlement meeting
17> a final inspection of the property just prior to the settlement date
18> the process of completing a real estate transaction
19> shows the unpaid balance on a loan and is provided by the lender
20> a method to avoid rescheduling a closing meeting when a document, known to be on its way, has not yet arrived