Step 7 – Closing

Closing is the completion or settlement of your real estate transaction. In this final step the buyer and seller meet to exchange keys and checks at the closing table usually in a title office of lawyer office.

The closing date is set when you first make an offer or negotiate a price for the house and is approximately 45 days after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer.

In most cities, ownership is officially moved from the seller to the buyer when a deed from the seller is delivered to the buyer. Within this process title service, including title search and title insurance, appraisal, attorneys and land survey are often required to be involved by the lender.

During Closing Several Things Happen:

• Checks for the balance owed on the purchase price are delivered by the buyer or his/her lender.
• The deed is signed over to the buyer by the seller.
• The seller’s signature on the deed is notarized.
• The mortgage is recorded.
• Keys are exchanged.
• The deed is recorded at the recorder’s office.
• Taxes are paid to the government.
• Real estate agents get paid.
• All fees are paid including: title company fees, lender fees, recorder’s fees and all other fees.

The seller receives a check or wire transfer for the proceeds of the sale less closing cost and outstanding mortgage payouts, taxes, utilities and all other outstanding balances and were incurred the day before closing, the buyer is responsible for all fees and charges after closing.

The best part of closing is that after all documents are signed and all moneys are exchanged the buyers gets a the keys to the house and can relax because purchasing a house can be a stressful transaction.