Frequently Asked Questions

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photo of pen with signature lineA real estate Closing Agent is usually an attorney or someone who works for a real estate Title Company.

This is a third party (not the Realtor© or Real Estate Broker) who oversees processing the final paperwork related to the sale, such as, the deed transfer, mortgage payoff, etc.

Sometimes this person or company is referred to as the Settlement Agent. Buyers and Sellers can also be represented by their own attorneys in the closing process.

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model house sitting on contractIt is the final step in purchasing or selling a piece of real estate.

Once all the real estate and financing transaction conditions of the contract have been met, the final paperwork can be executed and the ownership transferred. This is the last step in the “closing” process.

It includes the delivery of the deed to the Buyer, signing of loan notes and mortgage (if financed), disbursement of required funds to various parties and any other actions required to conclude the real estate purchase and sale.

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real etate commissionUsually, the Seller pays the commission.

A Seller hires a Listing Agent and pays her a commission to sell the property.

Generally, that commission paid to the Listing Agent is then split between the Buyer’s Agent & the Listing Agent at the point of sale.

Circumstances vary however, so ask your Realtor® to be certain you know the facts before making an offer.

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Category: Real Estate

real estate title opinionIt’s a written opinion on the quality of the Title to a piece of property.

These are usually researched & issued by attorneys and they certify the accuracy of the Title held by the property owner. They also indicate if there are any problems with the title.

Title insurance companies rely on these opinions when issuing a Title insurance policy. Buyers rely on them to make certain that they are getting clear title to the property being purchased.

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Category: Legal

Real estate transfer taxIn many states and localities, there is a tax on the value of real estate when it is sold. It is a good way for governments to add to their revenue, but is often a surprise to Sellers.

This tax is usually, but not always, paid by the Seller. Generally, the tax is calculated as a percentage of the gross sales price of the property.

The tax is usually collected and paid at Closing. It can apply to sales of both residential and commercial property and may be tax deductible.

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