Closing of Land Sale Contracts

Question 1

Closing

Answer 1

Controlling Document is Now the Deed

Deed Passes Legal title from seller to buyer

Question 2

Deed Execution

Answer 2

Deed Must be: written, signed by grantor and describe the property.

Question 3

Deed Delivery

Answer 3

Grantor physical or manual transfer of the deed

Grantor may use mail, agent or messenger

Does not require actual physical transfer of instrument itself

Question 4

Oral Condition to Deed

Answer 4

If deed is absolute on face and is transferred to grantee with an Oral Condition, oral condition is void.

Question 5

Delivery to Escrow

Answer 5

Valid delivery.

Grantor can deliver with conditions to deed, once conditions are met deed will pass.

Advantages: if grantor becomes incompetent or otherwise unavailable before express conditions are met, title still passes from agent to grantee once condition is met