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GLOSSARY
OF TITLE TERMS
Documents Signed By The Buyer and
Seller
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Consolidation Buyer and Seller Settlement Statement:
(also known as the HUD Statement): Itemizes the details
of the financial transaction between the buyer and the
seller, and contains all real estate all title cost.
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Tax Proration Agreement: Buyer and seller agree
to cooperate in re-prorating the property taxes in the
following year once the actual bill is known.
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Homeowner’s Dues Proration Agreement: Buyer and
seller agree to cooperate in re-prorating the property
taxes in the following year once the actual bill is
known except that it addresses homeowner’s dues.
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Name Affidavit: Certifies the legal names of
borrowers. If one of the parties has a former name or
did business under another name, the affidavit makes
that fact known.
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Compliance Agreement: Buyer and seller agree to
correct unintentional typographical errors on any
documents.
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