Where can I find my property's legal description?

A legal description is a specific way of identifying a particular plot of real estate and the legal geographic location of its boundaries. You can find the legal description on the property's current or previously recorded deeds, your County Register or Recorder of Deeds Office (often online), property tax assessments, websites such as Zillow.com, your mortgage contract, or your land title. The legal description is NOT the same as a property’s street address, as this may change from time to time. However, it is still recommended to include the street address on a deed, for the sake of clarity. Depending on the type of property, the legal description might be in the form of a simple lot and block reference, or it may be in a survey format giving a detailed measurement of the plot. It is crucial to get the legal description correct to complete a sale or transfer.

What does “closing” mean?

Closing is the final settlement of all the terms required in a real estate purchase agreement. This includes all contingency provisions that both parties have included, the documents that need to be exchanged, and any sums of money that need to be paid.

What is a contingency?

In terms of a real estate purchase agreement, a contingency is a contractual requirement that must be completed in order for the purchase to be completed. Contingencies are added as terms to the written purchase contract that both the buyer and seller agree to. Common contingencies include the following: Clear title Buyer's mortgage approval House inspection Sale of current property Lead-based paint inspection Homeowners' Association (HOA) documents

What is an encroachment?

In the context of real estate, an encroachment is a type of encumbrance characterized by a physical intrusion on a property owner's land. An example of an encroachment is when a person constructs a structure that extends beyond the boundaries of his or her property and onto, over, or underneath the neighboring property. Here, the person is said to be "encroaching" on the neighbor's property.

Escrow is an arrangement where a third party holds funds and manages payments. Escrow arrangements are normally enforced when large sums of money change hands, such as real estate purchases. The third-party will safeguard funds until the terms of a contract are fulfilled. This way, the two contracting parties are kept safe without needing to transfer money to each other.

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How to complete your real estate purchase:

Review and Sign

You should review your completed agreement in detail and make any needed edits prior to signing. While many states only require a single notary to act as a witness, you must use two witnesses for agreements concerning properties in Connecticut, Florida, Louisiana, and South Carolina. Some lenders may still require additional witnesses. Witnesses must be at least 18 years old, hold no interest in the transaction, and have no blood relation to the parties. Note that if a seller’s spouse is not also joining the agreement as a seller, then the spouse must sign an acknowledgment agreeing not to make any claim of ownership to the property after the sale.

Open Escrow

The parties will need to hire an escrow agent to manage the transaction. An escrow agent acts as a neutral third party to facilitate the buying process, including exchanging and holding funds, gathering signatures, dispersing documents, and certifying that the parties’ obligations are fulfilled.

Complete Obligations

Complete Party Obligations

Standard party obligations include providing the following items:

Title policy
Appraisal
Property inspections
Seller disclosures (e.g. lead paint disclosure)
Property repairs and updates
Required permits
Other buyer or seller contingencies (e.g. prior home sale, financing, etc.)

Close Transaction

Close Escrow ("Closing")

During closing, the seller transfers funds to the buyer and signs over the title. Then the parties sign any remaining escrow documents. The title company will normally then record the deed at the county land recorder’s office and inform all parties when this is completed.

Move Out

The last step is for the seller to exit the property on or before the agreed move-out date. This may need to be coordinated with the buyer’s moving plans and should be started well in advance.

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