An appraisal is an estimate of the value of a piece of property by a licensed, trained, and experienced individual called an appraiser. They are usually required by a lender to determine how much the property is worth in ascertaining how much they will loan on the property.

The closing is the culmination of everything in a real estate transaction. It’s where the title, known as the deed, transfers from seller to purchaser. Closings may be held at a title company, or at the real estate agent’s office. The title company researches the chain of title to the home. Assuming the title is clear, all inspections are satisfactory, and all contingencies have been met, the title company (closing/escrow agent) will facilitate the closing by providing an explanation of documents to be signed, collection of and disbursement of funds, and a last minute check by the title company to make sure that a clear title to the property will be transferred.