Escrow & Title
In Pennsylvania, who typically conducts the real estate closing?
AA licensed real estate broker only
BThe buyer's lender
CA title company, settlement agent, or attorney — attorney attendance is customary but not legally required✓ Correct
DThe county recorder of deeds
Explanation
Pennsylvania real estate closings are typically conducted by title companies or settlement agents. Attorney attendance is customary and strongly recommended but not mandated by statute.
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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.
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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