The primary function of the closing is to facilitate the simultaneous transfer of the property to the buyer and payment of the purchase price to the seller. At the closing, the buyer will typically make payment in a form previously agreed upon. If the seller has an existing mortgage on the property, the closing agent will prepare a check to pay off that mortgage from the proceeds of the sale, so that the buyer takes the property free and clear of that encumbrance. During the closing, the seller will also sign the deed and give it to the buyer, thereby delivering possession of the property. The closing agent will customarily register a new deed with the County Clerk.
As a general rule, your lawyer will have reviewed a proposed closing statement prior to the actual closing. However, your attorney is there to ensure that the closing goes as expected. That means:
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