See Mortgages , Title and Title Insurance . Once this is accomplished, the closing takes place. Closing the Transaction At the closing, a legal document called a deed passes ownership from the seller to the buyer, in exchange for the buyer remitting the balance of the purchase price. The deed must be lawfully executed, meaning that it must be in writing, signed by the parties, and describe the land. It must also be delivered meaning that, as a legal matter, the seller intends to be immediately bound by the transaction.
Most deeds contain various promises known as covenants.
Generally, this is accomplished by sending the deed to the county clerk's office for filing in the public records. The filing of the deed is public notice of the ownership of the property and gives the purchaser certain rights against others who might have a claim to the property. For example, once the deed has been recorded, subsequent debts or other obligations of the prior owner do not become a lien on the property. The Martindale-Hubbell Law Directory is the most complete, trusted source for identifying qualified legal counsel. Your access to and use of this website is subject to additional terms and conditions .