GEORGIA REAL ESTATE - SECTION 22 UNIT
1 (THE CLOSING PROCESS IN GEORGIA)
QUESTIONS WITH COMPLETE SOLUTIONS!!
1 of 89
Term
So far, we've seen what the buyer and seller do to prepare for closing,
but what is the closing attorney doing?
Take a minute to read the resources and then decide which four of
these items the closing attorney can check off of the closing checklist
prior to closing.
Give this one a try later!
, Not Completed
-Order the title search
-Obtain the seller's loan payoff amount
-Prorate the property taxes
-Prepare closing statements
Their agents will inform them of the date once it's set
-Ensure that all deadlines are being met
-Ensure that all agreed-upon repairs have been completed
-Ensure that all paperwork has been executed and delivered
-Ensure that all contingencies have been cleared
Don't know?
2 of 89
Term
Examines all legal documents and work in the best interest of
clients
Give this one a try later!
Closing attorney The lender's representative
Seller's responsibility Seller's or buyer's attorney
Don't know?
, 3 of 89
Term
If home repairs are agreed upon in the sales contract,
who's responsible for making them?
Give this one a try later!
The advising bank The mortgagee
The seller The broker
Don't know?
4 of 89
Term
Before closing, who should arrange for a home inspection to be
conducted?
Give this one a try later!
Seller Buyer
Bank Shipping Company
, Don't know?
5 of 89
Term
Prior to the closing, one final inspection should take
place. What is this inspection generally called?
Give this one a try later!
Tracing Walk-through
Crime-scene Search Survey
Don't know?
6 of 89
Definition
--Maintains property in good condition.
--Cooperates with the closing agent to provide necessary
information about loan payoff, etc.
--Cooperates with the buyer to schedule inspections and
appraisal.
--Performs any agreed-upon repairs noted in an inspection.
Give this one a try later!
1 (THE CLOSING PROCESS IN GEORGIA)
QUESTIONS WITH COMPLETE SOLUTIONS!!
1 of 89
Term
So far, we've seen what the buyer and seller do to prepare for closing,
but what is the closing attorney doing?
Take a minute to read the resources and then decide which four of
these items the closing attorney can check off of the closing checklist
prior to closing.
Give this one a try later!
, Not Completed
-Order the title search
-Obtain the seller's loan payoff amount
-Prorate the property taxes
-Prepare closing statements
Their agents will inform them of the date once it's set
-Ensure that all deadlines are being met
-Ensure that all agreed-upon repairs have been completed
-Ensure that all paperwork has been executed and delivered
-Ensure that all contingencies have been cleared
Don't know?
2 of 89
Term
Examines all legal documents and work in the best interest of
clients
Give this one a try later!
Closing attorney The lender's representative
Seller's responsibility Seller's or buyer's attorney
Don't know?
, 3 of 89
Term
If home repairs are agreed upon in the sales contract,
who's responsible for making them?
Give this one a try later!
The advising bank The mortgagee
The seller The broker
Don't know?
4 of 89
Term
Before closing, who should arrange for a home inspection to be
conducted?
Give this one a try later!
Seller Buyer
Bank Shipping Company
, Don't know?
5 of 89
Term
Prior to the closing, one final inspection should take
place. What is this inspection generally called?
Give this one a try later!
Tracing Walk-through
Crime-scene Search Survey
Don't know?
6 of 89
Definition
--Maintains property in good condition.
--Cooperates with the closing agent to provide necessary
information about loan payoff, etc.
--Cooperates with the buyer to schedule inspections and
appraisal.
--Performs any agreed-upon repairs noted in an inspection.
Give this one a try later!
