Closing is the final step in executing a real estate transaction where ownership is officially transferred from the seller to the buyer.
In the context of real estate, 'commitment' refers to a pledge or promise, particularly regarding financial arrangements or agreements, such as a firm's agreement to provide a loan or mortgage to a borrower, thus ensuring the progress and completion of a transaction.
To convey means to transfer ownership or interest in a property from one party to another, typically through the execution of a deed or other legal document.
Conveyance refers to the transfer of the title of real estate from one party to another through a legally binding instrument. It typically involves documentation that deeds property from a seller to a buyer during a recognized transaction.
DRY CLOSING refers to a real estate closing without the actual immediate exchange of property and funds, where parties meet and provide assurances that the transaction will occur according to the previously negotiated sales contract.
Earnest money is a deposit made by a purchaser of real estate to evidence good faith.
An executory contract is a contract under which one or more parties has not yet performed their obligations. It remains in a state of incompletion until all terms have been fully met by all involved parties.
Funding a loan involves the process of supplying the agreed-upon amount of money for a loan. After loan approval and commitment, the lender forwards the necessary cash at the closing stage.
Loan processing encompasses the various steps taken by a lender to approve a loan, from the initial application to the closing of the loan. It involves verifying the borrower's information and fulfilling necessary requirements to ensure the legality and financial viability of the loan.
Mortgaged Property refers to real or personal property that has been pledged as security for the repayment of a loan. This secured asset is usually real estate property, where the borrower retains ownership while the lender holds a legal claim until the debt is repaid in full.
The payoff amount represents the total remaining balance on a loan, inclusive of any prepayment penalties, that must be paid upon settlement to release a lien and transfer the title of the property.
A preliminary title report is a report issued by a title company before a real estate transaction, stating a willingness to insure the title upon closing. It identifies any encumbrances, liens, or legal impediments on the property.
A Purchase Agreement is a legally binding contract between a buyer and a seller outlining the terms and conditions for the sale and purchase of a property. This document details essential aspects such as price, closing date, and contingencies.
A registrar is responsible for maintaining accurate official records, including deeds, mortgages, and other important documents in real estate transactions.
A Title Binder is a temporary form of title insurance that signifies the intent to issue a title insurance policy at a later date. Typically used in real estate transactions, it offers interim coverage from the time the property sale contract is signed until the closing, when a full title insurance policy is issued.
A walk-through inspection is a detailed examination that a buyer or tenant conducts before finalizing the purchase or lease of a property. Its primary purpose is to ensure that the property is in the agreed-upon condition and that any necessary repairs have been completed.
