Closing Costs - Law Dictionary Search Results
Home Dictionary Name: closing costs Page 1 of about 14 results (0.004 seconds)closing costs
closing costs fees for final property transfer not included in the price of the property. Typical closing costs include charges for the mortgage loan such as origination fees, discount points, appraisal fee, survey, title insurance, legal fees, real estate professional fees, prepayment of taxes and insurance, and real estate transfer taxes. A common estimate of a Buyer's closing costs is 2 to 4 percent of the purchase price of the home. A common estimate for Seller's closing costs is 3 to 9 percent. Source: U.S. Department of Housing and Urban Development ...
hud1 statement
hud1 statement also known as the "settlement sheet," or "closing statement" it itemizes all closing costs; must be given to the borrower at or before closing. Items that appear on the statement include real estate commissions, loan fees, points, and escrow amounts. Source: U.S. Department of Housing and Urban Development ...
points
points a point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $95,000, one point means you pay $950 to the lender. Lenders frequently charge points in both fixed-rate and adjustable-rate mortgages in order to increase the yield on the mortgage and to cover loan closing costs. These points usually are collected at closing and may be paid by the borrower or the home seller, or may be split between them. Source: U.S. Department of Housing and Urban Development ...
cash reserves
cash reserves a cash amount sometimes required of the buyer to be held in reserve in addition to the down payment and closing costs; the amount is determined by the lender. Source: U.S. Department of Housing and Urban Development ...
piti reserves
piti reserves a cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of months. Source: U.S. Department of Housing and Urban Development ...
settlement
settlement 1 : the act or process of settling 2 a : an agreement reducing or resolving differences ;esp : an agreement between litigants that concludes the litigation [the states finally agreed upon a and a consent decree "W. J. Brennan, Jr."] [entered into a property prior to the divorce] b : a formal and permanent grant or conveyance c : the sum, estate, or income granted or paid under a settlement [if the monetary limits of a defendant's insurance policy can be discovered in order to obtain reasonable s "J. H. Friedenthal et al."] 3 : closing [ costs] 4 : the transfer of funds between a payor bank and a collecting bank in order to complete transactions for customers ...
Seal fisheries
Seal fisheries. The (English) Seal Fishery Act, 1875 (38 & 39 Vict. c. 18), was passed to enable a close time to be established by Order in Council for the seal fishery in the seas adjacent to the eastern costs of Greenland. The area to which the Act applies is specified in a schedule to the Act. See also the Seal Fisheries (North Pacific) Acts, 1895 and 1912, and the Grey Seals Protection Act, 1932 (22 & 23 Vict. c. 23), establishing a close season from 1st September to 31st December for grey seals in England and Scotland...
loan origination fee
loan origination fee a charge by the lender to cover the administrative costs of making the mortgage. This charge is paid at the closing and varies with the lender and type of loan. A loan origination fee of 1 to 2 percent of the mortgage amount is common. Source: U.S. Department of Housing and Urban Development ...
Cottise
A diminutive of the bendlet containing one half its area or one quarter the area of the bend When a single cottise is used alone it is often called a cost See also Couple close...
Pound
Pound [fr. pund, Sax.; pondo, Lat.], a certain weight, consisting in troy weight of 12, in avoirdupois of 16 ounces; the sum of 20s, said to be so called because in Saxon times 240 pence weighed a pound. See Lambard, 219. A pound Scots, anglice, a shilling.A penfold, an inclosure, a prison in which beasts seized for rent (see DISTRESS) or caught on the land of another (see DAMAGE FEASANT) may be kept until they are replevied or redeemed. It is either overt, i.e., open overhead; or covert, i.e., in a close. See 1 & 2 P. & M. c. 12, whereby no distress of cattle may be driven more than three miles from where it was taken, and not more than 4d. may be taken for any one whole distress impounded; the (English) Distress for Rent Act, 1737, s. 10, empowering any person lawfully distraining for rent to impound the distress on the premises chargeable with the rent.By s. 7 of the (English) Protection of Animals Act, 1911 (1 & 2 Geo. 5, c. 27) penalties are imposed for impounding or confining any...
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