A Bargain and Sale Deed is a type of property deed where the grantor indicates an implied interest in the property without offering any warranties of title to the grantee.
A Bill of Sale is a written instrument that serves as a legal document transferring ownership of personal property from a seller to a buyer. It is commonly used for transactions involving items such as furniture and portable appliances.
Closing is the final step in executing a real estate transaction where ownership is officially transferred from the seller to the buyer.
The closing date is the date on which the seller delivers the deed and the buyer pays for the property. This is a critical day in real estate transactions as it finalizes the transfer of ownership.
A Deed of Reconveyance is a legal document issued by a mortgage holder indicating that the borrower has met the obligations of the mortgage and that the property title is transferred back to the borrower. It effectively nullifies the lender's claim to the property.
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.
The party to whom the title to real property is conveyed; essentially, the buyer in the transaction.
Patent conveyance is the act of transferring a title to government land, often granted by the federal government to individuals or companies through an official document known as a patent.
In real estate, settlement, also known as closing, is the final step in executing a real estate transaction, where the buyer finalizes their mortgage, pays closing costs, and the title is transferred from the seller to the buyer.
A transfer tax is a tax imposed when the title or ownership of property is transferred from one person to another, often seen in real estate transactions.
