What types of documents are used in real estate transactions?

In Virginia, real estate transactions involve the use of several different documents. These documents include the deed, lease, title, mortgage, and closing documents. The deed is a document that legally conveys ownership of a piece of real estate from the seller to the buyer. The deed is usually prepared and signed by the seller and the buyer, as well as notarized, and it is recorded with the county or city, so that it can be viewed by anyone who requests it. A lease is a contract that is drawn up when a landlord leases a property to a tenant. It outlines the terms of the agreement, such as the length of the tenancy, the amount of rent to be paid, and the responsibilities of both parties. When a real estate transaction is underway, a title is issued to the buyer. This title provides proof of ownership and must be presented in order for the transaction to be valid. A mortgage document is also used in a real estate transaction. This document outlines the details of the loan taken out by the buyer, such as the amount of the loan, the interest rate, and the length of the loan period. Finally, closing documents are used at the end of the real estate transaction. These documents are used to finalize the transaction and include closing statements, the deed, and other documents related to the sale.

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