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Now, A Word About Real Estate:

In the Purchase of your own real estate you acquire an asset as well as a liability. Ownership of your house is not a dream but also a necessity. In order to make this dream come true one must go through Real Estate Settlement

The Simple steps of Real Estate Settlement described below are designed to optimize your investment in Real Estate.

CONTRACT

Term and Conditions

Contingencies

In the real estate transaction, generally the buyer has the right to select a settlement attorney.

SETTLEMENT-STEPS

Loan Application

Commitment to Lender

Termite Inspection

Existing Loans, Liens and Payoffs

Execution of Documents

Recording

Satisfaction of Contingencies

Title Search

Survey of Property

Taxes and Dues Verification

Settlement Sheet Preparation

Lender's Check and Disbursements

Return Loan Package

Escrow Agreement, If Required

DEED

A document signed by the seller to convey title to the purchaser. The Purchaser may take title solely or with another person by

(a) joint tenancy

(b) tenancy by the entirety, or

(c) tenancy in common.

TITLE

Joint Tenancy - An interest taken by two or more joint tenants. The interest must be the same, accruing under the same conveyance, beginning at the same time, and held under the same undivided right to possession. Upon the death of one joint tenant, the interest passes to the surviving joint tenant without passing to the heirs of the deceased.

Tenancy by the Entirety - A form of ownership by husband and wife whereby each owns the entire property. In the event of the death of one, the survivor owns the property without probate.

Tenancy in Common - An undivided ownership in real estate by two or more persons. The interests need not be equal, and, in the event of the death of one of the tenants, no right of survivorship in the other owners exists.

DEED OF TRUST

A written security instrument by which title to real property in transferred to a trustee as a security for a debt or other obligation. If a default occurs, the lender may accelerate the debt and foreclose on the secured property unless the default is cured.

NOTE - A written promise to pay a certain amount of money, at a certain time or in a certain number of installments. A note usually provides for payment of interest and may be secured by a deed of trust. Interest on the note may be a fixed or variable rate.

LOAN ORIGINATION FEE

A charge imposed by a lender in consideration for making a loan secured by real property, described in terms of “points”. One point equals one percent of the loan.

TITLE EXAMINATION

A review of all recorded documents affecting a specific piece of property to determine the present condition of title.

TRUTH-IN-LENDING STATEMENT

A document identifying the total cost of obtaining a loan. In addition to total interest over the life of the loan, lender's charges such points, appraisal and inspection fees, and private mortgage insurance are disclosed.