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*These figures are only estimated and are subject to verification by Seller. Loan discount quotations are subject to change without notice. Seller should immediately notify mortgage lender of pending loan payoff to reduce payoff/interest charges. Insurance company should be notified when house is to be left vacant. Credit reserves, if any, will be refunded to Seller by insurance company and mortgage company after closing.
Seller's Statement Definitions
Deed: The document that, when properly executed and delivered, transfers title (ownership) of real property.
Discount Points: Negotiable fee paid to the lender to secure financing for the buyer. Discount points are up-front interest charges to reduce the interest rate on the loan over all, or a portion, of the loan's term. One discount point equals one percent of the loan amount.
Escrow Fee: Fee is split between buyer and seller. This fee is paid to the title company to service the transaction and to escrow (hold and disburse) money and documents.
Recording Fee: A fee for recording the legal documents with the County Clerk.
Title: In dealing with Real Property, "title" means ownership.
Title Policy: Insurance policy on the ownership of real property against defects in title.