Escrow & Title
At a Pennsylvania closing, which document transfers ownership from seller to buyer?
AThe Agreement of Sale
BThe mortgage note
CThe deed✓ Correct
DThe HUD-1/Closing Disclosure
Explanation
The deed is the legal instrument that transfers title (ownership) from the grantor (seller) to the grantee (buyer) in Pennsylvania. The Agreement of Sale is a contract to transfer; the deed is the actual instrument of transfer executed at or before closing.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
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