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Closing
clear
title
A title to property that does not have
liens, defects, or other legal encumbrances.
closing
The final procedure in
which documents are signed and recorded and the property is
transferred.
closing
costs
Expenses incidental to the sale of real
estate, including loan, title, and appraisal fees. These costs exist in addition
to the price of the property and are paid at closing. Some are one-time expenses
and some are recurring.
closing
statement
A document which details the final
financial settlement between a buyer and seller and the costs paid by each
party.
escrow
A neutral third party holds documents and money for a real estate
transaction and ensures that all conditions of a sale are met. Also refers to a
special account that a lender uses to hold a borrower's monthly payments on
property taxes and insurance.
possession
A buyer officially
takes possession of a house upon signing the closing papers and receiving the
keys.
purchase agreement
A document that details the purchase price and conditions of the
transaction.
recorder
A public official responsible for keeping record of all real estate
transactions.
title
The legal document conferring ownership of a piece of real
estate.
transfer of
ownership
Any legal means by which a piece of
real estate changes hands.
transfer
tax
An assessment by state or local authorities
at the time a piece of property changes hands.
walk-through
A buyer's final
inspection of the home to determine if conditions in the purchase agreement have
been satisfied.
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