Escrow & Title
In Pennsylvania, which professional typically conducts the real estate closing and handles the disbursement of funds?
AThe real estate broker
BA title insurance company or settlement company✓ Correct
CThe mortgage lender directly
DThe county recorder of deeds
Explanation
In Pennsylvania, closings are typically handled by a title insurance company, settlement company, or attorney. These professionals conduct the settlement, ensure all documents are properly executed, and disburse funds according to the settlement statement.
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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.
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.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
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