Adjustments made at the settlement of a real estate transaction that outline expenses and fees charged to the buyer or seller.
A closing agent is a neutral third party who handles the closing of a real estate transaction, ensuring the details of the purchase agreement are fulfilled. They prepare the necessary documentation and may conduct the closing meeting.
A closing statement is an accounting of funds from a real estate sale, made to both the seller and the buyer separately. It details the financial transactions involved in finalizing a real estate transfer.
Escrow Closing refers to the final phase in a real estate transaction, particularly in states that use deeds of trust instead of mortgages. During this phase, an escrow agent or title company holds onto necessary documents and funds until all conditions of the sale are met.
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 Recorder is the public official responsible for maintaining records of documents pertaining to real property, including deeds, mortgages, and liens. This vital role ensures the documentation is publicly accessible.
A title company plays a crucial role in the real estate transaction process by examining titles, holding earnest money, and issuing title insurance. Their services ensure that the title to a property is free from any liens or disputes before the transaction is finalized.
