Final answer:
The (C) closing process in real estate involves the seller providing a deed and the buyer providing funds, with the deed's recording finalizing ownership transfer. Escrow accounts can manage and pay ongoing property expenses. Accurate property dimensions and acreage calculation are necessary for a clear title during the sale.
Step-by-step explanation:
Understanding the Closing Process in Real Estate Transactions
The closing process in a real estate transaction refers to the final steps in the transfer of property ownership from the seller to the buyer. This involves the seller providing a deed to the closing agent, and the buyer providing the necessary funds to complete the sale. Once the deal is finalized, the deed is recorded, which legally documents the transfer of ownership, and the sale proceeds are delivered to the seller.
Including escrow in the process simplifies handling of ongoing expenses such as home insurance and property taxes. An escrow account holds funds deposited by the buyer that will be used by a third party to manage and pay these bills, often as part of their regular mortgage payment.
Before selling, a clear property title is required. Accurate dimensions and acreage calculation of the property, such as a farm, are vital for a rightful transfer and can impact the transaction if not properly established.