Closing & Transactions Purchase and Sale Agreement (PSA) The binding contract between buyer and seller of real estate.
Closing & Transactions Quitclaim Deed A deed that transfers whatever interest the grantor has without any warranty of title.
Closing & Transactions Recording The act of filing real estate documents with a local government office to give public notice.
Closing & Transactions Rent-Back An arrangement where the seller leases the property from the buyer after closing.
Closing & Transactions RON Remote Online Notarization — notarial acts performed via secure video, legal in many states.
Closing & Transactions Settlement Agent The neutral party (attorney, escrow officer, title agent) coordinating closing.
Closing & Transactions Settlement Statement An itemized summary of charges and credits for buyer and seller at closing.
Closing & Transactions Title Commitment A title company’s promise to issue a title insurance policy under specified conditions.
Closing & Transactions Transfer Tax A state or local tax on property sales, often a percentage of price.
Closing & Transactions Grant Deed A deed conveying ownership with a limited warranty against prior conveyances and undisclosed encumbrances.
