Chapter 15 Title Closing and Escrow

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Chapter 15Title Closing and Escrow

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Buyers Walk-Through

• This is the final inspection of the property
  just prior to closing to make certain that the
  premises have been vacated, no damage has
  occurred, agreed personal property is left
  behind, and that no real property has been
  removed.

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Title Closing

• This occurs when the buyer pays for the property
  and the seller delivers the deed.
• Settlement meeting seller meets in person with
  the buyer and delivers the deed.
• Escrow use of a neutral third party, called the
  escrow agent, who acts on behalf of both buyer
  and seller to carry out instructions of the
  contract.

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Closing Terms

• Title closing
• Closing date
• Closing
• Settlement
• Escrow

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Common Prorations
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Closing Transaction Summary
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HUD Settlement Statement
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HUD Settlement Statement (continued)
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HUD Settlement Statement (continued)
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HUD Settlement Statement (continued)
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Good Faith Estimate of Closing Costs
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Key Terms

• Closing meeting
• Escrow agent
• Escrow closing
• Prorating

• RESPA
• Settlement statement
• Title closing
• Walk-through