@article{ART002571704},
author={Bang, Jin Won and Baek, Sung-Joon},
title={Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2020},
volume={30},
number={1},
pages={69-84},
doi={10.35136/krer.30.1.5}
TY - JOUR
AU - Bang, Jin Won
AU - Baek, Sung-Joon
TI - Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State
JO - Korea Real Estate Review
PY - 2020
VL - 30
IS - 1
PB - korea real estate research institute
SP - 69
EP - 84
SN - 2092-5395
AB - Real estate transactions can be largely divided into two stages: (1) the process of identifying, marketing, searching, etc. by the real estate agents; and (2) the closing stage. At the closing stage in the South Korean system, the tax and registration services are completed by the cooperative experts, but in Ontario State, Canada (including the eastern part of the U.S.), the real estate lawyers are the ones who complete the closing stage.
Most of the preceding researches were on the introduction of the Escrow system. This system is used in the western part of the U.S., including the state of California, where more than one million Korean residents live, and it makes access to information and data easier. In South Korea, real estate can be divided into “land” and “building,” separately. Thus, the real estate owners may be different from the real estate occupiers. Further, the transaction amount passes directly to the sellers without trust until the end of the “closing stage.” In this paper, the Ontario State, Canada (or eastern part of the U.S.) real estate transaction closing system is introduced, and the real estate lawyers benefit from taking over the closing stage, such as by expanding their public confidence in registering, preventing document forgery, preventing double contracts, securing the safety of the transaction amount, disclosure of and fairness in tax payment, and securing the stability of buyers on the listed debt obligations.
KW - real estate closing services;safety of real estate transaction;real estate escrow
DO - 10.35136/krer.30.1.5
ER -
Bang, Jin Won and Baek, Sung-Joon. (2020). Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State. Korea Real Estate Review, 30(1), 69-84.
Bang, Jin Won and Baek, Sung-Joon. 2020, "Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State", Korea Real Estate Review, vol.30, no.1 pp.69-84. Available from: doi:10.35136/krer.30.1.5
Bang, Jin Won, Baek, Sung-Joon "Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State" Korea Real Estate Review 30.1 pp.69-84 (2020) : 69.
Bang, Jin Won, Baek, Sung-Joon. Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State. 2020; 30(1), 69-84. Available from: doi:10.35136/krer.30.1.5
Bang, Jin Won and Baek, Sung-Joon. "Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State" Korea Real Estate Review 30, no.1 (2020) : 69-84.doi: 10.35136/krer.30.1.5
Bang, Jin Won; Baek, Sung-Joon. Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State. Korea Real Estate Review, 30(1), 69-84. doi: 10.35136/krer.30.1.5
Bang, Jin Won; Baek, Sung-Joon. Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State. Korea Real Estate Review. 2020; 30(1) 69-84. doi: 10.35136/krer.30.1.5
Bang, Jin Won, Baek, Sung-Joon. Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State. 2020; 30(1), 69-84. Available from: doi:10.35136/krer.30.1.5
Bang, Jin Won and Baek, Sung-Joon. "Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State" Korea Real Estate Review 30, no.1 (2020) : 69-84.doi: 10.35136/krer.30.1.5
