Fliesenschneider Test Fliesenschneider Test + Testsieger + Preisvergleich After Closing and Transfer of Title, What is the Purchase Contract called?
The purchase contract is an essential document that governs the terms and conditions of a real estate transaction. When a buyer and a seller enter into a purchase contract, they agree on the price, the closing date, and a variety of other terms that pertain to the sale of the property. However, what happens after the closing and transfer of title? Is the purchase contract still relevant, or does it become null and void?
The answer is that the purchase contract still exists after the closing and transfer of title, but it takes on a different name. At this stage, the purchase contract is referred to as the „closing statement“ or „settlement statement.“
The closing statement is a detailed account of all the fees, charges, and expenses that are associated with the real estate transaction. It outlines the final price of the property, the loan amount (if applicable), the closing costs, and any other fees that may have been incurred during the sale. The closing statement is typically prepared by the closing agent, who is responsible for overseeing the transaction.
One of the most important aspects of the closing statement is the prorations. Prorations are adjustments made to the purchase price to account for expenses and charges that are paid on a pro-rated basis. For example, if the seller has already paid property taxes for the entire year, but the buyer is taking ownership halfway through the year, the seller will receive a credit for the taxes that they have already paid. This credit is known as a proration.
The closing statement also includes the final figures for all the expenses and charges associated with the transaction. This includes everything from title fees and recording fees to appraisal fees and home inspection costs. The closing statement is an important document that both the buyer and seller will need to review and sign before the transaction can be completed.
In summary, the purchase contract still exists after the closing and transfer of title, but it is now referred to as the closing statement or settlement statement. This document outlines all the fees, charges, and expenses associated with the transaction and is prepared by the closing agent. The closing statement is an important document that both the buyer and seller will need to review and sign before the transaction can be completed. As an experienced copy editor, it is important to ensure that the terminology used in the article is accurate and easily understandable for readers who may not be familiar with real estate jargon. Additionally, incorporating relevant keywords can help increase the visibility and search engine ranking of the article.