• Examine title
• Survey
• Inspect for encroachments
• Seller gives deed and buyer pays

If the buyer does not mention any defects that is not in the contract, this means the buyer waives the defects.

T/F

1. If the home is $300,000 or less and the buyer will live in the home for half the year
2. If the seller says he is not foreign but actually is
3. Withholding Certificate

1. loan made by a lender that has its deposits insured by fed gov
2. under a federal housing program
3. intended to be sold to Fannie, Freddie, or Ginnie
4. made by creditor who makes/invests loans more than $1,000,000 per year

1. furnishes the borrower with a complete record of all disbursements and withholdings made by the mortgagee from the proceeds of the loan
2. provides the mortgagee a signed authorization by the borrower for all such disbursements and thus tends to eliminate the possibility of any legal action that might be taken if the mortgagor claims improper charges were made against the loan
3. fixes the date on whic hthe mortgage becoems a lien

Once a valid escrow agreement has been executed, either side can revoke it.

T/F

The escrowee remains in possesion, collects the rents, amd pays taxes until the escrow conditions have been satisfied.

T/F

The abstractor renders an opinion of title.

T/F

1. Forgery
2. Insanity and minority
3. Marital Status
4. Defective Deeds

The promissory note is signed first at the closing.

T/F

Debit-Seller 1000

Credit-Buyer 1000

Since the seller got all of the rent on the 1st, the buyer should receive half of it on the 15th -- so $1000 debit to the seller, $1000 credit to the buyer.

Debit-Buyer 1,000

Credit-Seller 1,000

the seller paid all the insurance premium on Jan. 1 for the whole year, so if the buyer takes over the policy on June 30 the buyer should pay the seller for the 2nd half of the year -- $1000 debit to the buyer, $1000 credit to the seller.

If the lawyer gives an inaccurate opinion of title after reading the abstract, he can be sued.

T/F