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An offer to purchase that has been signed by both the buyer and the seller. A firm contract that outlines all details of the property transaction. The contract will reflect the buyer and seller agreeing to the terms of the sale.
A document required by the Real Estate Settlement Procedures Act (RESPA). The settlement statement is also referred to as a closing statement is essentially an accounting of funds from a real estate transaction. It is an itemized statement of services and charges relating to the closing of a property transfer. The buyer has the right
A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the
An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.
The right to ownership in real estate, which is transferred by a deed. Title is generally referring to the written evidence of ownership in real estate.
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