The closing is the final step in a real estate transaction. The date for the closing will be determined during the negotiation phase.
On closing day, all parties to the real estate transaction and their representatives will meet at a predetermined location to exchange documents and funds.
The closing will be officiated by the title company’s settlement agents who will exchange all necessary documents and ensure that all required steps have been completed before the property is conveyed.
The buyer and/or his/her lender will deliver a check or wire transfer for the balance owed in the purchase price. The seller will sign the deed over to the buyer. The new deed will be registered at the local recorder’s office. All fees and taxes related to the recording are included in the closing costs.