Closing

Closing is a real estate term used to refer to the act of transferring ownership of property from the Seller to the Buyer. From the time Escrow is opened, an Escrow Officer assigned specifically to help with the transaction will coordinate all the details. The information on the sales contract will help the Escrow Officer begin a search on the property. The search is done to find out specific information about the property such as who is on title and any outstanding mortgages, liens, restrictions and easements on the property. A preliminary title report will also show the necessary documents needed to officially convey title to the Buyer.