Vocabulary Lesson 7
Contract and Closing vocabulary… sometimes a word gets mentioned and you just scratch your head, well…..scratch no more!!
– A binding agreement between two or more persons or parties.
2. Earnest Money (a.k.a. Escrow Deposit)
– A deposit made by the potential property buyer to show that he or she is serious about purchasing said property.
– A meeting where all of the documents are signed and money changes hands.
– A supplement to any document that contains additional information pertinent to the subject. An addition or change to a contract.
– To allocate between seller and buyer their proportionate share of an obligation paid or due.
– A written document by which the ownership of land is transferred from one person to another.
– A form settlement (closing) statement required by the U.S. Department of Housing and Urban Development (HUD), where federally related mortgages are made on residential properties. It is a balance sheet showing the source of funds and the distribution of funds in connection with the purchase and/or mortgaging of residential property.
– An instrument used to encumber land as security for a debt.
Look for lesson 8 coming soon…you will not want to miss these!!!
Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public.
Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or http://www.title-junction.com
Posted on February 22, 2013, in Title and tagged addendum, Binding Agreement, Buy a Home, Cape Coral, Change to Contract, Closing, contract, Deed, Earnest Money, Escrow Deposit, Fort Myers, HUD, HUD-1, Jennifer Ferri, Mortgage, Property Guiding, Prorate, Settlement Statement, SWFL Real Estate, Title Insurance, Title Junction, Title Work, U.S. Department of Housing and Urban Development. Bookmark the permalink. Leave a comment.