What is a real estate closing?

A real estate closing is the final process in a real estate transaction when the property and all associated documents are transferred between buyer and seller. In North Carolina, a real estate closing typically takes place at a title company or bank and can involve a number of different steps. The buyer and seller sign the title deed, which transfers ownership of the property from one party to the other. Funds for the sale are exchanged, and the seller provides the buyer with documentation of any lien or deed of trust on the property. The closing agent, usually an attorney, also makes sure that all documents are in order and that any existing liens or liens of trust have been paid off. After all the documents are signed and the money has been exchanged, the title office records the new deed and the closing is completed. The buyer is then able to move into the property.

Related FAQs

What types of mortgages are available?
What is a seller’s disclosure statement?
What is a deed of trust?
What are the legal requirements when forming a real estate trust?
What is a servitude?
What is the difference between a lien and a mortgage?
What is a real estate syndicate?
What is a title search?
What is a quiet title action?
What is a landlord’s lien?

What is a real estate closing?

Related FAQs

Related Blog Posts