A closing statement is a crucial document in real estate transactions, providing an accounting of funds from the sale to both the seller and the buyer separately. Most states require brokers to furnish accurate closing statements to all parties involved.
Equitable title represents the interest held by a prospective buyer who has agreed to purchase a property but has not yet completed the transaction.
A licensed real estate professional who secures a listing of the property and is responsible for marketing and selling it. They are employed by the seller and contrast with the selling agent, who represents the buyer.
A real estate transaction entails a sale or exchange of reportable real estate for money, indebtedness, or property other than money or services, regardless of whether the transaction is currently taxable.
Settlement costs, also known as closing costs, refer to the expenses and fees associated with the finalization of a real estate transaction. These costs can include a range of payments required to transfer ownership from the seller to the buyer.
