Real estate attorney
A lawyer who reviews contracts, clears title issues and may run the closing. Some states require an attorney at closing; in others they are optional and hired for complex deals or disputes.
Also called: closing attorney, real estate lawyer, settlement attorney
Related terms
A short period after signing when either side's lawyer can approve, change or cancel the contract. It is customary in some markets, such as New Jersey and parts of Illinois, and not used in many others.
The final step of a sale, when documents are signed, money changes hands, the deed is recorded and the buyer gets ownership. In some states everyone signs at a table; in others signing and funding happen separately.
A company that searches title, issues title insurance and often handles closing and escrow. In attorney states, a lawyer may run the closing while the title company provides the policy.
The signed contract between buyer and seller that sets the price, deadlines, contingencies and terms of a sale. Once both sides sign, the property is under contract.
The court process for settling a deceased person's estate, including selling real estate. Probate sales can take longer and may need court approval, depending on the state.