Asked by: Jany Ara
asked in category: General Last Updated: 17th February, 2020

What are closing instructions?

The closing instructions serve to engage the closing company with the parties of the real estate transaction. The closing company agrees to provide settlement services in connection with a transaction for the sale and purchase of a property. The parties who engage are the buyers and sellers.

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Considering this, what is a closing instruction letter?

Summary. This Title Company Closing Instruction Letter form is addressed to the title company retained for a real property purchase and sale transaction. The letter may be provided by either the buyer or seller and outlines the conditions that must be satisfied before the closing of the transaction may take place.

Beside above, who is responsible for for an accurate and complete closing statement? Parties. The purchaser and seller are ultimately responsible for the accuracy of the settlement statement. The purchaser and seller are the only two parties intimately involved in every part of the transaction. The seller is aware of liens attached to the property and the amount of any taxes or assessments owed.

Hereof, who sets the closing date?

Choosing a Closing Date In most cases, the buyer chooses a tentative closing date and makes it part of the offer. The contract usually states that closing will occur "on or about" that date.

When should closing instructions be signed?

An agent may also prepare the instructions. They need to provide a copy of the closing instructions to the title company for signature. Signed closing instructions are required before any settlement services can be provided.

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