Before closing, buyers typically have a final opportunity to "walk through" the property to ensure that its condition has not changed since the sale agreement was signed.

“Closing” is also known as "settlement" or "escrow." It is usually a brief meeting to sign and complete the paperwork needed to finalize the sale.

One of the best parts of settlement is that there is very little that buyers and sellers need to do. All necessary papers have been prepared by closing agents (usually the attorney), title companies, and lenders. 

In many cases, buyers and sellers don't need to attend. Signed paperwork can be sent to the closing agent via overnight delivery. If buyer and seller, and typically their Realtors are present, they may be at the same table, or they may complete their papers separately.

 

Whatever the process, the what occurs is the following:

  • Property title is transferred from seller to buyer.
  • The buyer receives the keys to the property.
  • The seller receives payment for the home.
  • Deeds, loan papers, and other documents are prepared, signed and filed with local property record offices. Usually the closing agent also completes the paperwork needed to record the loan.
  • Transfer taxes are paid and other claims settled, including closing costs, legal fees and adjustments.