What are the Four Economic Characteristics of Land?

There are four economic characteristics of land - just think of DUST:

• DEMAND - The more demand there is for a particular property, the more valuable it is to consumers looking for real estate.

• UTILITY OR USEFULNESS - A three-bedroom house is more useful to consumers than a one- or two-bedroom house.

• SCARCITY - One property will sell quickly if only a few properties in a particular area are on the market.

• TRANSFERABILITY - When loans are available and rates are low, real estate is readily transferable from seller to buyer.

  
  

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What is a Closing?

A real estate closing is the final step in a property sale. It's the moment ownership of the property transfers from the seller to the buyer.

Key things that happen during a closing:

• Signing documents: Both the buyer and seller sign numerous legal documents, including the deed, mortgage, and closing disclosures

• Transfer of funds: The buyer pays the remaining balance of the purchase price, often through a lender

• Title transfer: The property title is officially transferred to the buyer.

• Distribution of funds: The seller receives the proceeds from the sale, minus any outstanding debts or closing costs.

Would you like to learn more about Real Estate? Have you ever wanted to become a New Jersey Real Estate Salesperson License holder? Want to know more about being a New Jersey Licensed Real Estate Agent? Click on the link for the schedule of our upcoming classes for Real Estate: tocrres.com

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All Teachers, Nurses and Veterans Get $100 Off Registration

All teachers, nurses and veterans can buy now and save $100 on upcoming real estate pre-licensing courses.

View our entire list of courses here: tocrres.com/register

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