Closing Disclosure – A document that provides an itemized listing of the funds that are payable at closing , including real estate commissions , loan fees , points and initial escrow amounts . The totals define the seller ’ s net proceeds and the buyer ’ s net payment at closing . The Closing Disclosure statement is also known as the “ closing statement ” or “ settlement sheet .”
Pre-qualification – The process of determining how much money a prospective home buyer will be eligible to borrow before he or she applies for a loan .
Referral – A referral has the effect of affirmatively influencing the selection of a settlement service or business .
Survey – A drawing or map showing the precise legal boundaries of a property , the location of improvements , easements , rights of way , encroachments and other physical features .
Title Company – A company that specializes in examining and insuring titles to real estate , which legally evidence a person ’ s right to or ownership of a property . Ownership may be held as single , or sole ownership , or jointly by more than one person as Tenants in Common .
Title Insurance – Insurance that protects the lender ( lender ’ s policy ) or the buyer ( owner ’ s policy ) against loss arising from disputes over ownership of a property .