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F - Chapter 20
Closing the Transaction
| Question | Answer |
|---|---|
| affidavit of title | a sworn statement verifying facts that satisfy certain objections to title (448) |
| attorney | may be present at closing usually to represent purchasers in some states to explain documents to client (438) |
| broker | an agent who facilitates a transaction between parties (438) |
| closing | the final state of the real estate purchase transaction, when the deed and the purchase money are exchanged (437) |
| Real Estate Settlement Procedures Act | a federal law that requires that lending institutions disclose certain information to purchasers of residential real estate and prohibits those institutions from engaging in certain fraudulent activities (449) |
| settlement clerk | the person who is designated to coordinate the exchange of documents at the closing (439) |
| settlement costs booklet | a HUD required booklet containing info about the real estate purchase process for every lender to give to mortgage loan applicants on the day of their loan application or mail to them within 3 days of application (450) |
| Uniform Settlement Statement | a closing statement required for all federally related residential first mortgages (451) |
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