a. Escrow
b. Escrow Officer/Agent
c. Land Contract
d. Date of Closing
e. Proration
f. Chain of Title
g. Title Insurance
h. Real Estate Settlement Procedures Act
i. Payoff Demand Statement
j. Beneficiary’s Statement
 
 
1. ___ an employee of a “licensed escrow” company who acts as the agent.
2. ___ the process of proportionately dividing expenses or income to the precise date that escrow closes, or another date previously agreed upon.
3.  ___ has four functions: a search of the public records regarding a property’s title; examination of “off” record risks; interpretation of the legality of the records; and finally, insuring against economic loss from any title dispute.
4. ___ the processing, by a neutral party, of the paperwork and money involved in a sale or other real estate transaction.
5.  __¬_ a federal law relating to the sale or transfer of 1-to-4 residential units requiring specific procedures and forms for settlements closing costs; must be disclosed to the borrower 1 business day before escrow closes.
6. ___ a written summary of a property’s documents that evidences title.
7. ___ a formal demand statement to the lender detailing the amount owed in order to pay off the loan in full.
8. ___ an agreement where the seller retains legal title to the property until a certain point in time, which is generally after the buyer has paid in a substantial amount of cash toward the seller’s equity, if not all of it.
9. ___ a demand statement to the lender, under a deed of trust, providing necessary information to assume a loan.
10. ___ the date that the documents are recorded.