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Closing the Real Estate Transaction in the State of Virginia
Colosing is the completion of the real estate transaction: in many cases it actually consists of two events - the title closing and the loan closing. The title closing occurs when the seller transfers title to the real estate to the buyer and the buyer pays the seller the purchase price. If the buyer is borrowing money to purchase the real estate, the loan closing is also the time when the lender loans the purchase money to the borrower, in exchange for the borrower giving a note and mortgage to the lender. The overall event is known by many naes, including settlement, passing papers, and transfer of title. |
Blue Ridge Virginia
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