Closing & Transactions Counteroffer A new offer made in response to a previous one, rejecting the original terms.
Closing & Transactions Deed The legal document that transfers ownership of real property from one party to another.
Closing & Transactions Disclosure Statement A seller’s written statement about a property’s known defects and history.
Closing & Transactions Dry Settlement Documents are signed but funds disburse a few days later, common in some western states.
Closing & Transactions E-Closing Real estate closings conducted fully or partly digitally with electronic signatures.
Closing & Transactions Earnest Money A buyer’s good-faith deposit, held in escrow and credited toward closing costs.
Closing & Transactions Escrow A neutral third party that holds funds and documents until contract conditions are met.
Closing & Transactions Escrow Account A separate account a lender uses to collect and disburse taxes and insurance.
Closing & Transactions Escrow Holdback Funds withheld at closing to cover anticipated repairs or contingencies.
Closing & Transactions Escrow Officer The neutral professional managing escrow for a real estate closing.
Closing & Transactions Final Walkthrough Last buyer inspection of the property before closing to confirm condition.
Closing & Transactions Grant Deed A deed conveying ownership with a limited warranty against prior conveyances and undisclosed encumbrances.
