What Do The Title Attorney, Realtor, And Lender Do?
First time home buyer?
The closing process may have a new vocabulary to learn, clarification about land title issues and insurance, and understanding the responsibilities of several entities that help you finalize your home purchase. Our resources are here to help and educate you on the closing process as your closing attorney from The Gilroy Firm works to help you become a home owner.
For a quick snapshot of the closing process, please enjoy this collection of videos to help answer your questions.
What do the Realtor, Closing Attorney, and Lender do?
What happens at a mortgage closing at The Gilroy Firm?
Home Closing Tips - Namaste
Many people are on your team to help you become a home owner
Understanding the responsibilities of your realtor, closing attorney, and lender can be confusing. These are each separate entities, so you may receive requests from each party for the same information. Be assured that all work together to help make you a home owner.
Real Estate Glossary
Monica Gilroy is the Curator of the American Land Title Association, ALTA Real Estate Glossary.
Q: What’s difference between a closing, settlement, and escrow?
A: Words describing or relating to the same thing often differ considerably in various parts of the country. For example, “closing” in one area is sometimes called a “settlement” or “escrow” in another.
An abbreviation of the cardinal aspects of all recorded deeds, mortgages, leases and other instruments affecting the title to a particular piece of land.
A summation, in the form of a balance sheet, made at a closing, showing the amounts of debits and credits to which each party to a real estate transaction is entitled.
A book among the public records in which deeds are recorded.
A claim, right or lien upon the title to real estate, held by someone other than the real estate owner.
(1) A combination of all the elements that constitute the highest legal right to own, possess, use, control, enjoy, and dispose of real estate or an inheritable right or interest therein. (2) The rights of ownership recognized and protected by the law.