Real estate closing is the genuine process of settling and transferring money and real estate title. The closing process can either take place when the representative of both parties gather together in the same room to interchange all the documents or through an escrow agent who works on all the paperwork and sends the finalized documents to the respective parties via email.
During closing, the following activities take place: The Internal Revenue Services department is notified about the process. Traditionally the closing agent notifies the IRS, or in other occasions, the Leander; the buyer signs all the necessary papers and releases the money for the property; the seller signs the deed that legally transfers the property to the buyer; the buyer is given an insurance deed that assures the validity of the property’s title; the deed is signed in the presence of a licensed notary, who confirms that the signatures belong to the designated persons. Finally, once all the paperwork is done, the deed, the deed of trust/mortgage are all recorded in the county recorder’s office.