Escrow & Title
An Indiana closing where the deed and mortgage documents are signed but funds are not yet disbursed is called a:
ACompleted closing
BDry closing (or dry settlement)✓ Correct
CEscrow closing
DDelayed closing
Explanation
A dry closing (or dry settlement) occurs when all documents are executed but funds are not immediately disbursed — typically when a wire transfer has not yet settled. The deed may not be recorded until funds are confirmed.
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Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
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