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Closing The Transaction

Created by Marty Baum
Horizontales
Provides homebuyers and sellers with complete settlement cost disclosures. it was also introduced to eliminate abusive practices such as kickbacks. This is known as the Real Estate Settlement ________ Act (RESPA)
This is the process through which an individual enters into a purchase contract with the seller of real estate and assigns for profit, the same contract to an end buyer who will ultimately purchase the property directly from the seller. This is referred to as _________
A term generally used to describe an illegal rebate
A set of real estate transactions involving two contracts of sale for the same property, to two different back to back buyers that are arranged to close on the same day. This is referred to as a _________ Escrow
Requires that a foreign seller may have federal income taxes withheld, unless an exception applies. This is know as the ________ Investment in Real Property Tax Act
A federal law that ensures borrowers in need of consumer credit be given a good faith estimate on the cost of credit. this is known as _______ - In -Lending
Real estate brokers and salespersons are permitted to own an interest in a settlement service company as long as it is disclosed. This is known as a __________ Business Arrangement
360 days to the year and every month has 30 days. This is called a ________ Year.
These are expenses that are paid by the seller in advance. The seller should be credited and the buyer debited. These are called ________ Expenses
Verticales
A neutral third party to the real estate transaction who will be conducting the closing procedures. This person is known as the ________ Agent
These are expenses prepaid or paid in arrears that are divided between the buyer and the seller. These are called __________
Expenses that have been accumulated by the seller but not paid yet. The buyer should be credited and the seller debited. These are called ________ Expenses
A seller of five or fewer parcels of land, other than sub-divided land, in an unincorporated area of the county shall furnish this affidavit to the buyer. This is called the Affidavit of __________
The Department of Revenue and County Assessor use the data obtained from this affidavit to develop tables and schedules for the uniform valuations of properties based on fair market value. This is referred to as the Affidavit of ________ Value
A legal document stating certain facts regarding a property, such as the seller"s marital status, that the seller is not in bankruptcy proceedings and that there are no liens affecting the property. This is referred to as the Affidavit of _________