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Closing Information
All residential real estate transactions in Minnesota require a formal transfer of ownership of the property.
This generally occurs 30 to 60 days after a seller and buyer agree upon a properly executed purchase contract,
but could potentially take place anywhere from two weeks on up to six months or longer from the contract date.
That transfer of ownership is called a closing. It is sometimes also referred to as a closed escrow.
Occasionally, real estate attorneys make the necessary arrangements for and then actually facilitate the closing.
However, a far more common occurrence, is the closing taking place at a title company. Since most home purchases
are financed to some extent, lenders policy title insurance would be needed. Since a title company issues that policy,
facilitating the closing at a title office is a natural choice. In either case there is a good deal to know about the
closing process. Select-Rite has provided several on site links regarding closing issues. It should help both buyers
and sellers get a feel for how it will all come together.
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