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Real Estate Agent
A person licensed by the state who represents a
broker in real estate transaction.
Real Estate Broker
Buyers and sellers are commonly dependent on real
estate brokers to locate real estate financing and
to advise them on current rates, points, and loan
formats. They commonly represent the seller of a
property. Commercial real estate brokers often perform
the services of mortgage brokers.
Recording and Transfer Fees
Charges for recording documents with public agencies.
These may also be included in the borrower's closing
costs. A document tax is charged in some states
on real estate transactions.
Refinance
The securing of a new loan either to pay for an
existing lien or mortgage on the property or to
access your equity.
Restructure
A loan that remains in place but for which new terms
have been negotiated. For example, if monthly payments
are increased by a specified amount for the term
of the loan, it has been restructured.
Self-Amortization
Occurs when the monthly payments ensure that the
loan is fully paid at the end of its term.
Settlement
The final procedure in a real estate transaction;
when documents are executed and/or recorded, title
is transferred from seller to buyer, funds are disbursed,
and the sale is completed.
Settlement Statement
A statement prepared by attorney, broker, escrow
company, or lender, giving a complete itemization
of costs incurred in a real estate transaction.
A separate statement is prepared for the buyer and
seller.
Survey
May be required by the title company to ensure that
the house is properly situated on the property.
A survey is intended to reveal if the house, fence,
pool, or patio are built on or too near adjoining
property or utility easements. Fees, if any, are
normally paid by the borrower.
Title
Ownership or proof of ownership to real property.
Title Company
A company that issues title insurance. In some areas,
title company also perform escrow functions.
Title Insurance
Insurance protection against the consequences of
a preexisting lien or encumbrance on a property
that may be discovered after a change in ownership.
Trust Deed
Used in place of a mortgage in some states. Title
is transferred to a trustee by the borrower, with
the lender as beneficiary, until the loan balance
has been paid.
Underwriting
Standards set by the lender that the borrower must
meet in order to qualify for the loan.
Vesting
Conveying Ownership.
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