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One of the most important "Players" in a Real Estate transaction is the person(s) who will be bringing
everything together at the time of Closing: The Attorney, Closing (or Escrow) Agent. Although actual procedures
will vary from state to state and province to province, some of the duties that will be assumed by the Attorney
or Closing Agent will be:
- Coordination with the buyer, the seller, and the Real
Estate Agents involved in the transaction.
- Preparation for transfer of the title or deed. Legally preparing for taking the house out of the seller's name
and putting it into the buyer's name.
- Coordination with the lending institution. Receiving all paperwork from the lender to be signed by the buyer.
- Review of the Contract of Sale. Determining that contractual obligations are met by both the buyer and the
seller.
- Responsible for filing with the proper government agency
(e.g., the county) of all items, such as the deed, that will become matters of public record. Legally filing the change of ownership from the seller to the buyer.
- Title Search. Arranging to make certain that the title or deed is "good and marketable."
- Receipt, verification, and delivery of various funds.
- Verification and review of the various insurances
associated with the ownership of Real Estate.
You will arrange for a Closing or Escrow Agent shortly after the time
of the contract, since they will need time to prepare the items necessary for closing. Your Agent may be able to
suggest some choices for you. Important: If you are using an Attorney for you closing, make sure that it is someone
who is familiar with real estate closings. A "friend of a friend" who is an excellent criminal lawyer
may not be the best choice for a real estate closing, which requires the Closing Agent to be up to date on all
current laws, regulations, and disclosures.
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