Buying a house has a final step {closing house sale}.
process
Lender's representative {closer} records deed and mortgage at county courthouse, gets title insurance in new owner's name, and mails document to buyer. Seller gets last payment from closer after recording deed and finishing financing arrangements. By closing or settlement date, financing, title search, title insurance, and deed are ready for execution and delivery to new owner.
After meeting all requirements, third party gives escrow documents and moneys to parties. At closing, parties correct defects in title. A statement {closing statement} lists transaction costs and determines income-tax deductions, rented-property depreciation, and capital gains.
Finally, sellers sign deed {execute deed} and deliver it to buyers, along with keys and copies of services and public utilities. Closing takes one hour. House sells when seller receives money and title transfers to buyer. Moneys {closing costs, housing loan} include down payment, loan amount, document fees, loan broker fees, title insurance, tax settlements, and other adjustments.
fees
Fees can be for loans, prorated taxes, credit reports, title reports, and title searches.
Practical Affairs>Legal Affairs>Property>Housing>Buying
7-Legal Affairs-Property-Housing-Buying
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Date Modified: 2022.0224