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APPRAISAL
A fair market valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person.
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TITLE INSURANCE
A form of insurance that protects lenders and homebuyers from financial loss sustained from defects in a title to a property. The most common type of title insurance is lender's tite insurance, which the borrower purchases to protext the lender.
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CREDIT REPORT FEE
A detailed breakdown of your credit history. Credit bureaus collect financial information about you and create credit reports based on that information, lenders use the reports along with other detials to determine your creditworthiness.
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FLOOD INSURANCE DETERMINATION
States which flood zone applies to a property. Or put another way, it is 'determined' that your property is in a specific flood zone.
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ESCROW
(Property taxes and insurance) - legal arrangement in which a third party temporarily holds money or property until a particular condition has been met (such as the fulfillment of a purchase agreement).
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RECORDING FEES
After closing on the purchase of real estate, your title or escrow agent will file your original deed, the document showing that you now legally own the property, in the appropriate government office. This is called 'recording' the deed.
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HOME OWNERS INSURANCE
If you're getting a mortgage on the house your'e buying, your lender usually requires you to pay your first yearly homeowners insurance premium before or at closing. The lender does this to protect the investment on their end.
