Lesson_12 - Printable Lesson Materials Print these...

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Printable Lesson Materials 13218 NE 20th Street Bellevue, WA 98005 425-747-7272 800-221-9347 www.rockwellinstitute.com Print these materials as a study guide This portion of your printable materials consists of dozens of frames that summarize the content in this lesson. The frames are arranged on the page to make it easy for you to study the material and add your own notes from your textbook or the online course. Graphic Summaries Many students learn best from sets of questions, and this multiple choice quiz allows you to focus your review of the material to important topics. Quizzes These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two parts: graphic summaries of the content and a multiple choice quiz . © 2011 Rockwell Institute
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© 2010 Rockwel Publishing Lesson 12: Closing Real Estate Transactions Principles of California Real Estate © 2010 Rockwel Publishing Closing Closing: Final stage in real estate transaction. Also called settlement. Buyer pays seller purchase price. Seller transfers title to buyer. © 2010 Rockwel Publishing Escrow In California, closing process is usually handled through escrow. Escrow: Arrangement in which neutral third party holds money and documents for buyer and seller until transaction closes.
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© 2010 Rockwel Publishing Escrow Escrow agent Escrow agent: Neutral third party selected to handle closing; also called closing agent. Chosen by agreement between buyer and seller. Often appointed in purchase agreement. Acts as dual agent, representing buyer and seller, until transaction is over. © 2010 Rockwel Publishing Escrow Escrow instructions The parties usually give escrow agent written instructions for closing which: direct escrow agent to take necessary steps to close transaction specify conditions that must be met before escrow agent releases funds or documents reflect contingencies and other requirements in purchase agreement © 2010 Rockwel Publishing Escrow Escrow instructions If there is any conflict between escrow instructions and purchase agreement, later contract (the escrow instructions) prevails.
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Escrow Escrow services Escrow agent may provide many services, such as: ordering title report and inspections preparing documents paying off seller’s loan and other liens prorating and allocating expenses depositing and disbursing funds preparing Uniform Settlement Statements delivering and recording documents © 2010 Rockwel Publishing Escrow Purpose and benefits Escrow’s main purpose is to ensure that: seller receives purchase price buyer receives clear title lender’s security interest is perfected Escrow’s main benefits are: convenience: neither party is required to attend closing in person protection: each party is protected from change of heart by other party © 2010 Rockwel Publishing Escrow
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This note was uploaded on 04/08/2012 for the course REAL 10 taught by Professor Murford during the Spring '11 term at Chabot College.

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Lesson_12 - Printable Lesson Materials Print these...

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