Describe the components of the pre-closing process. What will ...

[Engineer]

Describe the components of the pre-closing process.
 
  What will be an ideal response?

Question 2

What is a title theory jurisdiction and how does it differ from a lien theory jurisdiction?
 
  What will be an ideal response?

[mmj22343]

Answer to Question 1

Preparing for closing requires managing deadlines, communicating and cooperating between the various parties involved in the transaction. Every party plays his own role in obtaining and providing the information and documentation required for the closing.

Answer to Question 2

In a title theory jurisdiction, the lender or a third party holds equitable title to the property in the name of the borrower under the terms of a deed of trust. In a lien theory jurisdiction, the borrower holds title to the property and the lender places a lien on the property through the use of a mortgage document.

[Engineer]

Thanks

[mmj22343]

Welcome