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Settlement Statement. A standardized form in which creditors or their closing agents itemize all charges imposed on buyers and sellers in real estate transactions. Abbreviation for Real Estate Settlement Procedures Act.
RESPA
A charge payable to a party.
fee
A payment made to a professional person or to a professional or public body in exchange for advice or services.
fee
This allows sellers to stay in their home until a specified date past closing.
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To divide and allocate an expense proportionately, according to time, interest, or benefit determining what share of it a particular party is responsible for.
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The process of locating and measuring a property's boundary lines to determine the exact amount of land that a homeowner owns.
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A bureau of the Department of Treasury that is tasked with the enforcement of income tax laws and oversees the collection of federal income taxes.
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Escrow _____. A third party who holds money and documents in trust and carries out the closing process. Also called a closing agent.
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