2. Unit 13: Settlement & Closing
Settlement
Steps to Closing
Preparation
Inspection
Approval & Exchange
Roles of Closing Participants
Real Estate Agents
Seller & Seller’s Attorney
Buyer & Buyer’s Attorney
Lender
Title Insurer or Title Abstracter
3. Unit 13: Settlement & Closing
Marketability of Title
Abstract of Title
Title Insurance
Title Insurance Policies
Lender’s Title Insurance Policy
Owner’s Title Insurance Policy
Types of Title Insurance Coverage
Standard Coverage Policy
Extended Coverage Policy
4. Unit 13: Settlement & Closing
Property Tax Issues
Property Taxes
Assessment & Collection of Taxes
Immune & Exempt Property
Special Assessments
5. Unit 13: Settlement & Closing
Closing Costs
Prorated Costs
Property Tax
Interest on Loan Assumption
Escrow (Impound) Account
Allocated Costs
Transfer Taxes
Stamp Tax on Deeds
Recording Fees
Title & Hazard Insurance
6. Unit 13: Settlement & Closing
Closing Costs
What Are Credits & Debits?
Seller’s Statement
Buyer’s Statement