Chap 17: Real Estate Closing Flashcards

1
Q

Consult Real Estate Lawyer

A

An experienced real estate lawyer will cost anywhere from $800 - 1500

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2
Q

Escrow Account

A

Open an escrow account for safety. As all money is held by a third party. The money is released to the seller when everything is settled.

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3
Q

Learn to negotiate

A

Speak up. You may be able to get the junk fees removed like admin fees photocopy fees etc

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4
Q

Home Inspection

A

Before signing contract, buyer needs to ensure that the home has been inspected for any potential problems. If any issues are found, the buyer must tell

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5
Q

Pest Inspection

A

Required

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6
Q

Repairs

A

If the home is in need of repair, you may want to negotiate the price of the home.

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7
Q

Fixed Interest Rate

A

Lock in your rate.

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8
Q

Earnest Money

A

When a buyer likes a property, he or she will put down a deposit or otherwise known as earnest money. If the buyer backs out the seller can keep the money. If the seller backs out the money is returned

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9
Q

The Actual Closing and Paperwork

A

Agreed upon interest rate
Amount of loan
duration of loan
Finally compare the closing costs to the good faith estimate that was given to the borrower at the start of the process

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10
Q

Closing Costs

A

2 to 6%

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