Escrow & Title
In Alabama real estate closings, who is typically responsible for ensuring that all documents are properly executed?
AThe listing broker
BThe closing attorney or title company✓ Correct
CAREC
DThe buyer's lender
Explanation
In Alabama, closings are typically conducted by a title company or closing attorney who ensures all documents are properly prepared, executed, and recorded.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
State-Specific Concepts
AREC Regulation
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