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Settlement statement
Settlement statement A statement prepared by broker, escrow or lender giving a complete breakdown of the cost associated with a real estate transaction.
RELATED TERMS--------------------------------------
Statement
A detailed record of transactions in a bank customer's account(s) for a certain period, usually each month, which shows debits, credits, transfers, payroll deposits, account balance, check fees, service charges, ATM activity, etc.
Broker
A person who acts as an intermediary between two or more parties in connection with a transaction for a fee or commission.
Escrow
The closing of a real estate transaction through a neutral third party who holds funds and-or documents for delivery after specific conditions have been met.
Lender
A term which can refer to the institution making the loan or to the individual representing the firm.
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
SIMILAR TERMS--------------------------------------
Settlement
Another name for closing.
Settlement Cost, HUD Guide
This booklet gives an overview of the lending process and is required by HUD. It is provided to consumers after the loan application is completed.
PREVIOUS AND NEXT TERMS--------------------------------------
Set back ordinance
Regulates the distance from the lot line to the point where improvements may be constructed.
Set up sheet
Also know as an "Annual Property Cash Flow Statement." Includes cash flow information about a listed rental property that is passed out to other real estate companies and-or given to prospective buyers.
Setback
The distance from the front or interior property line to the point where a structure can be located.
Settlement
Another name for closing.
Settlement Cost, HUD Guide
This booklet gives an overview of the lending process and is required by HUD. It is provided to consumers after the loan application is completed.
Settlement statement
Severalty
Sole ownership of real property.
Severance
Changing an item of real estate to personal property by detaching it from the land.
Share certificate
A certificate of deposit issued by a credit union that pays a specific dividend if held for a specific period. It's the credit union equivalent of a certificate of deposit.
Sharecropping
In an agricultural lease, the agreement between the landowner and the tenant farmer to split the crop or the profit from its sale, actually sharing the crop.
Shared appreciation mortgage (SAM)
A mortgage loan in which the lender, in exchange for a loan with a favorable interest rate, participates in the profits (if any) the borrower receives when the property is eventually sold.
This dictionary contains 6433 terms. |
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