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In rare situations, the parties will engage in a formal "closing.
Much more commonly, the transaction is closed by use of an escrow. Practice vary from state to state as to who conducts the title search to make sure the seller has or can convey clear title, including what liens must be paid, and as to who acts as the escrow holder. In many states attorneys still act as the escrow agent and title inspector. In many others those functions are conducted by licensed escrow agents who often are affiliated with or even owned by a title insurance company.
Some use a mix, such as having an attorney conduct the escrow while the title investigation is handled by the title insurance company or its agent.
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In order to protect themselves from defects in the title, buyers will frequently purchase title insurance at this time for themselves. They will almost always be required to purchase title insurance for their lender as a condition of the loan. In most states, a prospective buyer's offer to purchase is made in the form of a written contract and bound with a deposit on the purchase price. The offer will set out conditions such as appraisal, title clearance, inspection , occupancy, and financing under which the buyer may withdraw the offer without forfeiting the deposit.
Once the conditions have been met or waived , the buyer has " equitable title " and conveyancing proceeds or may be compelled by court order. There may be other last-minute conditions to closing, such as "broom clean" premises, evictions, and repairs.
Conveyancing
Typical papers at a conveyancing include: There may also be side agreements e. Where "time is of the essence," there have been cases where the entire deposit is forfeited as liquidated damages if the conveyancing is delayed beyond the time limits of the buyer's contingencies, even if the purchase is completed. Words used to indicate conveyance, or words of conveyance include grant, devise, give, and sell. In the Roman tradition, private rights to land were enforceable even if secret; this tradition remained to some extent in Europe up through the 19th century, but modern systems no longer allow for such secrecy.
From Wikipedia, the free encyclopedia. For other uses, see Conveyance disambiguation. The examples and perspective in this article deal primarily with common law and do not represent a worldwide view of the subject. You may improve this article , discuss the issue on the talk page , or create a new article , as appropriate.
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Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. May Learn how and when to remove this template message. Retrieved 6 December Selden's Lessee , 69 U. The First Time Buyer.
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