What Does A Closing Agreement Mean

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The move-in date must have already been specified in the contract and specified in detail. When financing a home purchase, buyers can expect to see a credit estimate within three days of applying for a mortgage. In this process, a title company or other trusted party holds the money and the signed share and initiates the transfer—primary so that the seller can renounce ownership and the buyer can remit the payment without both parties having to be present at the same time at closing. Escrow ensures an orderly transaction or, if something goes wrong, an orderly termination of the contract. A closing statement is a document that records the details of a financial transaction. A home buyer who finances the purchase receives a closing statement from the bank, while the home seller receives one from the real estate agent who took care of the sale.

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