Closing (or settlement) is the final step in executing a real estate transaction. Old Palm Title is hear to assure a smooth and trusty closing, both residential and commercial.
Several things happen during closing:
* The buyer (or his/her bank) delivers a check (or wire transfer) for the balance owed on the purchase price.
* The seller signs the deed over to the buyer, and delivers the keys.
* A title company, lawyer or civil law notary registers the new deed with the local land registry office.
* The seller receives a check for the proceeds of the sale, less closing costs and mortgage payouts.
Closing in escrow - A title company holds the money and the signed deed, and arranges for the transfer. This is primarily so that the seller can give up ownership of the property, and the buyer can hand over the payment, without both parties having to be present at the same time. Escrow ensures an orderly transaction.