Tuesday, April 18, 2006

Closing process brings together variety of parties

The closing process, which in different parts of the country is also known as "settlement" or "escrow," is increasingly computerized and automated.

In many cases, buyers and sellers don't need to attend a specific event; signed paperwork can be sent to the closing agent via overnight delivery.

In practice, closings bring together a variety of parties who are part of the "transaction" process. For example, while the history of property ownership has been checked, it's possible that the records contain errors, unrecorded claims or flaws in the review itself, thus title insurance is necessary. (Read More)

Source: The Seattle Times: Real Estate

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