There is no perfect measure for any broad financial market activity, and real estate markets are one of the most difficult to measure accurately. There are a number of methods for measuring prices and price changes in residential real estate markets. These include the median price, the median price per-square-foot, and the Case-Shiller indices.

Markets for stocks, bonds and other securities are the most widely reported and measured financial markets. It is relatively easy to measure activity in these markets because all sales are recorded at a few central exchanges and the "products" are uniform (one share of stock is equal to another). In contrast, real estate markets are much more difficult to evaluate. Real estate transactions are recorded into the public record in thousands of locations across the country. Keeping an organized database of these records is such a daunting task that the title insurance industry has taken this responsibility as part of its business model, and many people are devoted to the arduous task of obtaining and organizing these records on a daily basis. Real estate does not have the uniformity of stocks or other financial instruments. Each property has unique qualities that differentiate it from all other properties making like-kind comparisons very difficult.

Geographical location is a major influence on the value of real estate. Even if two properties could be found with identical physical characteristics, the values of these properties could vary considerably based on where they are located. Ideally, a market measure would record the changes in sales prices of identical assets or in the case of an index, a group of similar assets. The unique nature of real estate assets makes it difficult to use standard measures of reporting utilized in other financial markets.
Closing and conveyancing is the process of legal work including land title transfer, working out pro-rated items such as property taxes, oil left in the tank etc. It is the process of making your offer reality and the transfer of title and funds. You will need a lawyer to carry out this very important function. At this stage the final work on your mortgage will be completed too. Shortly thereafter, everything signed and sealed, you will be the proud owner of your new home and ready to move it.