Real Estate Term of the Day: Inspection Addendum or Clause

Real Estate Term of the Day: Inspection Addendum or Clause INSPECTION ADDENDUM OR CLAUSE – in a contract to buy or sell real estate, a clause or attachment that allows the buyer (or a qualified party) to inspect the property. If repairs are needed, the buyer may require the seller to make the repairs, negotiate … More Real Estate Term of the Day: Inspection Addendum or Clause

Real Estate Term of the Day: HUD-1 Statement

Real Estate Term of the Day: HUD-1 Statement HUD-1 STATEMENT – same as Uniform Settlement Statement which is the form prescribed by the Real Estate Settlement Procedures Act (RESPA) for Federally related mortgages, which must be prepared by whoever handles a closing, must contain certain relevant closing information, and must be given to buyer and … More Real Estate Term of the Day: HUD-1 Statement