Real Estate Closing Process 14

Who are some of the new players that come on the scene during the closing period?

• Governor

• Broker

• Appraiser, attorneys, inspectors, loan officers, insurance agents.

• Buyer

Fill in the blank: The conclusion of the real estate sales transaction is the _______.

• closing

• inspection

• appraisal

• listing

What are the two major events involved in closing a real estate transaction?

• The deed from the seller to the buyer transfers title to the property.

• Survey

• Final inspection.

• Purchase price is paid to the seller.

What must the buyer and the buyer's lender ensure about the title before closing?

• The title is clear of any liens or encumbrances.

• The title is in the seller's name.

• The title is registered with the local government.

• The title is insured by a third party.

The purpose of the attorney's opinion of title in a real estate transaction is to:

• Discloses all liens, encumbrances, easements, conditions, and restrictions on the property.

• Determine the market value of the property

• Negotiate the terms of the sale

• Inspect the physical condition of the property

What does a thorough inspection of the property by a professional home inspector help to identify?

• Structural issues

• Weather conditions

• Furniture style

• Garden layout

In the real estate contract, what right does the buyer usually reserve before the closing takes place?

• Survey.

• Final inspection

• Loan

• Title insurance.

What is transferred during the closing of a real estate transaction?

• Ownership of the property. Title

• Walk through.

• The survey.

• Title evidence.

A survey provides information about what aspect in a real estate transaction?

• Property boundaries

• Market trends

• Legal disputes

• Legal description

• Location and size.

Which of the following is typically indicated by a survey?

• Location of all buildings

• Cost of the property

• Legal description of the property

• Mortgage details