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Closing the Sale
The "closing" refers to the final step of purchasing or selling
a property; when all the terms and conditions of the purchase contract
have been met and the transaction is complete. Depending on where you
live, you'll see closing referred to as "settlement" or "escrow".
The first step is to hire a "closing agent". A closing agent
is an impartial third party (attorney, an escrow company, or a title company).
It's the closing agent's job to make sure that the transfer of ownership
from you to the buyer happens according to the terms and conditions of
the purchase and to keep safe any funds and/or documents until the transaction
has been settled.
Anyone involved in the transaction can begin the closing process or open
escrow. If you are selling the property yourself, without a real estate
agent, either you or the buyer (or both together) may open escrow. Just
go to the office of any firm that handles closings. Give them the deposit
money and any details and instructions for the handling of the remainder
of the transaction.
When all the parties involved in the transaction meet to sign all the
necessary documents, the seller needs to provide clear title to the property
and the buyer needs to provide the money needed to close the sale. Then,
the closing agent will give the money to the seller and the property title
to the buyer.
Closing practices vary quite a bit, depending on where in the country
you live. The closing can be a problematic stage in a real estate transaction.
It pays to do your home work. Find out what the closing requirements are
where you live and be sure to review all documents before the final closing
day.
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