Glossary of
Real Estate Terms

Your guide to common closing terms

Selling Agent

A selling agent represents the buyers in the purchase of a home. Although usually used synonymously with buyer agent, technically, a selling agent conducts the transaction once the buyer goes under contract on a specific property.

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Settlement Statement

What is a settlement statement? A settlement statement or HUD-1 statement outlines all of the charges and fees associated with the acquisition of a mortgage loan. The settlement statement was replaced in 2015 with the closing disclosure requirement.

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Supplements

Any variety of addenda which may outline various additions to a standard real estate contract. These can include recommendations for inspections, additional notes, changes, or details not covered in the contract or purchase agreement, which need to be recorded in writing.

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Tax Identification Number

A designated number used to identify a person for the purposes of filing or paying taxes. While most US citizens use their Social Security number, resident or non-resident aliens and their dependents and spouses may apply for and use a tax identification number for this purpose.

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Title

A title is a document that specifies legal ownership and use rights to a property. By contrast, a deed transfers ownership rights in a property from one person or entity to another lender; it is optional for homeowners.

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