Meeting: 9100 Conroy Windermere Rd. Suite 200, Windermere, FL 34786

Mailing Address: 9300 Conroy Windermere Rd. #2031, FL 34786

800-881-5831

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COMMONLY USED REAL ESTATE TERMS

COMMONLY USED REAL ESTATE TERMS

COMMONLY USED REAL ESTATE TERMS

Closing Document or HUD-1 settlement statement.  Itemizes all the costs including commissions, loan fees, points, and hazard insurance —associated with the closing. You’ll need it for income tax purposes.

Truth in Lending Statement. Summarizes the terms of your mortgage loan, including the annual percentage rate and rescission period.

Mortgage and note. Spells out the legal terms of your mortgage obligation and the agreed-upon repayment terms. This is a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of the title becomes void upon the payment of the debt.

Deed. This is a legal document by which an asset owner (the grantor) transfers his or her right of ownership (title) in an asset to another party (grantee).

Title. This describes a person’s legal relationship to the land and determines that a person owns a right to a specific property. When a person has a bank loan, for example, even though the deed is under the buyer’s name, the bank holds the title to the property until the note is paid off. The bank transfers the title to the homeowner after the debt is cleared.

Affidavits. Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven’t incurred any liens.

Riders. Amendments to the sales contract that affect your rights. Example: The sellers won’t move out until two weeks after closing but will pay rent to the buyers during that period.

Estoppel. Prior to closing on a property, a bank or lender is required to receive an estoppel letter from a Homeowner’s Association (HOA) or HOA management company to determine if there are delinquent balances owed to the association. This includes, legal fees, recurring payments, violations and special assessments.

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