What is a Closing?
Closing is the final step of a real estate transaction and includes depositing  money and documents by the parties to the transaction with a third party who holds them according to the terms of the purchase agreement or loan closing instructions.

The Closing Agent is:
- A custodian for funds and documents.
- A clearing house for payment of liens, mortgages or other debts against the property.
- An agent to perform the details for the settlement of accounts between parties and lien holders.

What is a Title Opinion?
A title opinion is a letter opinion prepared by an attorney giving the lawyer's opinion concerning ownership of a parcel of real estate and liens that may encumber it.  From that opinion, a buyer or lender make decisions about whether steps need to be taken prior to closing or at closing to resolve title defects or satisfy liens as part of the transaction.

What is a Policy of Title Insurance?
Title insurance is an insurance policy which insures the condition of "title" of a particular piece of property.  Title insurance polices may be issued to either the buyer, the lender, or both.  A policy issued to a lender does not insure the owner.

What is a Title Insurance Commitment?
The commitment is a promise to issue a title insurance policy to insure the title to property so long as certain conditions are met.  A title insurance commitment shows who owns a parcel of land and lists title defects, liens and encumbrances.   The commitment lists those conditions necessary to close the sale or loan and which are required to transfer ownership to the buyer and protect the lender's mortgage or the buyer's purchase.

How does title insurance differ from a title opinion?
A title opinion is simply a lawyer's opinion, often with limitations and conditions concerning the extent to which the opinion may be relied upon in the transaction.  Title insurance offers the advantage of an express contract in favor of the insured that the title insurance company accepts the financial responsibility to protect the insured party from claims that may be asserted against the title to the property.  Title insurance also gives the insured coverage for the payment of legal costs if the title insurer has to defend title against a covered claim.  

Closing Agent's Responsibilities
A closing/title agent:
- Reviews the title insurance commitment or title report.
- Receives buyer's funds.
- Complies with lender's instructions.
- Prepares documents required to close the transaction.
- Records documents with county recorder.
- Disburses monies and documents to the appropriate parties.
- Prepares final closing statements for buyers and sellers.
- Issues a title insurance policy.