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Closing proceedings
The final process for all property sales is to transfer title. This occurs during the title closing proceedings. Here the seller delivers the title to the buyer in trade for an agreed purchase price. During the period of the sale a contract and the actual closing date and all of the necessary documents for both parties must be ready to close the transaction. The buyer should be allowed to ensure that the title is clear from liens, clouds or defects before closing. Most title companies offer different services; in general these include maintenance of escrow or earnest money deposit, title insurance, title abstract, and conducting the closing proceedings. Part of the responsibility associated with title companies is to provide a comprehensive and truthful closing statements to buyers and sellers. Theses statements will include debits and credits assigned to the proper parties. Please note that debiting and crediting of all items are negotiable.
