Closings glossary
Patriot search
A search of federal sanctions lists confirming that no party to the closing is a blocked person. Common-name matches are cleared with identifying details.
What is a Patriot search at closing?
Quick Answer
The full definition
A search of federal sanctions lists confirming that no party to the closing is a blocked person. Common-name matches are cleared with identifying details.
Also called: OFAC search.
Where does patriot search come up in a New York City closing?
A buyer with a common surname draws a possible OFAC match on a Bronx purchase, cleared the same morning by date of birth and address.
What else should you read before closing?
In the glossary
- Title searchThe records examination behind a title report, covering the chain of title, encumbrances and court filings against the owners. It precedes the comm...
- Closing statementThe itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer m...
- Wire instructionsThe bank routing and account details used to send closing funds. Independent phone verification, not the contact details in the email itself, is wh...
- Escrow (at closing)Funds or documents held by a neutral party until stated conditions are satisfied. At a New York closing it usually means a holdback from proceeds u...
- Clear to closeThe point at which lender conditions are satisfied and the transaction can be scheduled and funded. Title clearance and payoff figures usually have...
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