Residential real estate requires the buyer and the seller to first sign a written land contract in order to buy or sell a home. Once the land contract has been signed, the buyer is given time to conduct a title search of the premises and to obtain the necessary financing to make the purchase. The transaction then proceeds to the closing. At the closing, a real estate deed passes ownership from the seller to the buyer. In exchange, the buyer pays the seller the balance of the purchase price. The real estate deed is then recorded.
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