refers to a formal document that provides evidence of ownership
Settlement or closing refers to the process of transferring ownership of real estate from one person or entity to another. At the closing, the buyer will sign many documents related to the purchase of the home. These documents will include the sigettlement statement, the note, the land registry, mortgage company, and several others. To prepare your property for closing, the lawyer will order a title search and updated lien payoffs. A title search is a process by which the buyer's lawyer researches the history of the property through the land records to ensure that you are the actual owner and that there are no complications in the current ownership and titling of the property. They also request updated lien payoffs which means they request a final payoff amount from your mortgage company and any other liens attached to your house. The payoff is the exact dollar amount that needs to be paid off on the day of closing. Sometimes, upon performing this due diligence, the lawyer will discover things that you as the owner never knew existed, or they will encounter mistakes that were once made by other banks or companies. The lawyer is usually able to get information easily and schedule your closing for the date originally planned.
WHAT THE BUYER AND S UYER AND SELLER PAY AT CLOSING
At closing, the buyer will usually pay for all lender closing costs, title fees, up-front interest (if any), escrows and their share of the transfer taxes. The seller will usually pay for all real estate commissions (if any), closing fees and their share of property taxes or condominium fees up to the day of closing. They will also pay off any mortgages against the property and any outstanding
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