| Questions |
Answers |
| What is a
"Title"? |
The "Right
To" or legal ownership of land. |
| What is
a "Title Search"? |
An examination of
public records relating to the real estate to verify its current state of
ownership. |
| What is
"Title Insurance"? |
A policy that
protects the new owner, and/or lender, from loss due to errors or
omissions in
completing the Title Search. |
| Will I need
to have a survey done? |
Yes. A
current survey will be needed to show boundary lines, setbacks, etc. The survey
also shows the proposed placement of your home. |
| My
salesperson talked about a "Closing", what is that? |
The actual
transaction of signing the real estate and lender documents. |
| I was told that I
will receive a "Closing Statement", what is this? |
This is a detailed
list of all cash transactions relating to the real estate. (a.k.a. "a
HUD") |
| What is a discount
Point? |
A unit of
measurement used for various loan charges; 1 Point = 1% of the loan's
value. |
| Why is a survey
necessary? |
A survey verifies
that your home is built within boundary lines and setbacks, and that any
easements or right-of-ways have been properly addressed. |
| What is a
subdivision? |
A tract of land
divided by the owner into blocks or building lots. |
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