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Closing : A one- to two-hour meeting during which ownership of a home is transferred from seller to buyer. A closing is usually attended by the buyer, the seller, both real estate agents and the lender. Closing escrow : The final and official transfer of property from seller to buyer and delivery of appropriate paperwork to each party.
Once the parties sign the real estate purchase agreement and the buyer pays earnest money, several additional steps must be completed before the property can successfully transfer from seller to buyer. The steps completed during the real estate closing process are as follows – just note that some steps will differ for buyers and sellers.
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