Chapter 1
Brokerage Operations and Management
Course: Alaska Real Estate Exam Prep
Subject: National Real Estate Broker Exams Prep
Chapter: Title Deeds And Closing Procedures
Deeds, Closings, and Settlement Statements
Deeds, closings, and settlement statements complete the legal and financial transfer of real property. The deed conveys ownership. The closing brings together documents, funds, prorations, payoffs, signatures, and legal obligations. The settlement statement accounts for financial charges and credits between the parties.
Closing is not merely a ceremonial final step. It is the point at which contractual promises are performed, title is transferred, liens are satisfied, financing is funded, expenses are allocated, and possession rights become enforceable according to the agreement.
Meaning and Function of a Deed
A deed is a written legal instrument used to transfer ownership of real property from one party to another. The party transferring ownership is the grantor. The party receiving ownership is the grantee.