Settlement Agent - Selected by the buyer to represent the buyer and the buyers lender, may provide limited services to seller (prepare deed), Due Diligence Period - Property inspection by qualified professionals in their field, i.e. HVAC, structural engineer, Restrictive covenants - Agreements of prohibited land use that run with the land. Also called CC&Rs, Appraisal - The report that sets forth the process of estimation and conclusion of value, Survey - The process by which boundaries are measured and land areas are determined. Identifies encroachments, Property Insurance - A policy the provides property owner coverage for basic structure on the property., Title Examination - Conducted by attorney including personal lien search and mechanics lien inquiry, Title - The evidence of ownership of land that establishes the right to a specific property, Deed - A written instrument that, when executed and delivered, conveys title to or interest in real estate; evidence of title, Closing Disclosure - A settlement form required in most residential mortgage loans required by the TRID rules, TRID - TILA/RESPA integrated disclosure is used to protect consumers from lenders changing terms, RESPA - Real Estate Settlement Procedures Act-- Applies to all mortgage loans for 1-4 family dwelling, TILA - Truth in Lending Act requires lenders to pre-disclose lending terms, Loan Estimate (LE) - Formerly known as GFE disclosure of settlement charges must be provided by loan originations to borrowers within 3 days of application, Borrower Closing Disclosure (BCD) - Final document provided to borrowers 3 business days before settlement., Earnest Money Deposit - Credit to the buyer at closing, Prepaid Interest - Never more than 30 days. 30 - date of closing + 1, Property tax proration when taxes are paid in full by seller - Debit buyer / credit seller same dollar amount,

LTP Closing

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