This page contains definitions of some of the more widely used real estate terms. Assessments Assessments usually refer to the annual fees levied by homeowners associations.
Many subdivisions have mandatory homeowners associations.
All owners in those subdivisions must pay an annual fee to pay for the upkeep of the subdivision and its amenities. At closing, any such assessment is prorated between the buyer and seller. The closing is handled by the closing attorney. This attorney typically represents the buyer's lender, and prepares the documents which are signed by the buyer and seller at closing. Closing This is the meeting at which the loan is made to the buyer, the buyer pays the purchase price to the seller, and the seller transfers title to the house to the buyer.