 Sam
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 Posted: Wed Mar 31, 2004 10:21 pm Post subject: Closing |
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Closing is the conclusion of a real estate transaction. In real estate, closing includes-
- The delivery of a deed.
- Financial adjustments.
- Signing of notes.
- Disbursement of funds necessary to complete the sale and loan transaction.
The first mortage and second mortgage closings are held at the attorney's office and are handled by an attorney. In the case of a purchase, a closing usually involves the seller, the buyer, the real estate broker and the lender. In the case of refinance, the closing involves the borrower and the lender. It is also known as Settlement or Close of Escrow.
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