Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know
Remaining cards (0)
Know
0:00
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Ch. 12

Vocab: Closing the Real Estate Transaction

TermDefinition
Closing The consummation of a real estate contract. Also called a settlement.
Closing Disclosure (CD) Form used for final closing accounting/ disclosure. Form req'd for residential 1-4 units sales involving federally related mortgages (most res. sales except owner financing and all-cash). Not used for closings involving loans not covered by TRID rules.
Credit In a closing statement, money to be received or credit given for money or a stated obligation.
Debit In a closing statement, an expense, money or charge against the seller or buyer.
Double Entry An amount of money showing on the closing statement for both buyer and seller. It's an amount collected from one party and given to the other party, therefore, a debit to the first party and a credit to the other party.
Interim Interest Interest paid on the loan amount from the date of closing through the end of the closing month inclusive. Typically is prepaid at the time of closing.
Loan Estimate (LE) Provides easy comparison of loan costs/terms in such a form that will allow borrower to shop and compare costs of obtaining the loan from all federally related lenders. Borrowers required to be provided the LE within 3 bus. days of the loan application.
Prepaid Interest Interest paid on your mortgage(s) at closing. Mortgage interest is paid in arrears so when you make your monthly payments on the 1st of any given month you're actually paying off interest that was accrued over the previous month. Interest paid in advance.
Prorating Dividing certain settlement costs between buyer and seller.
Real Estate Settlement & Procedures Act (RESPA) Law requiring advance disclosure of settlement costs and other specified information mandating specific closing statement forms and prohibiting kickbacks.
Settlement The consummation of a real estate contract. Also called closing.
Single Entry An item that appears as a debit or credit on either the buyer's or seller's closing statement, but not on both.
TRID TILA/RESPA Integrated Disclosure. Required disclosures from Truth-in-Lending Act and RESPA, was confusing so they combined both elements in what's called TRID to show how previous duplications from TILA and RESPA could go into 1 form: the Loan Estimate.
Closing Statement The final accounting "worksheet" that will indicate indicates receipts and expenses both the buyer and seller will occur & totals showing amount owed by buyer and amt. due to seller. Final accounting will be prepared on a form.
Disclosure Core Worksheet There are 2 primary closing statement forms used in NC: Closing Disclosure (CD) & Closing Disclosure Core worksheet. CD= req'd by RESPA regulations when closing res. sales transaction/ federally related mortgage. In NC, there is an additional form, CDCW.
Created by: laurenk1996
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards