A real estate closing is when money changes hands and the seller transfers ownership to the buyer. Let’s take a look at what exactly happens at a real estate closing.
A “closing” is the meeting where both the home seller and home buyer sign their side of the paperwork that legally transfers ownership of the property.
The vast majority of real estate transactions are handled through a professional closing agent, and quite frankly – we believe they should be. Most people don’t know nearly enough to handle this level of detail on their own.
Closing attorneys and title companies provide a smooth transition making sure to keep the process simple, professional, and transparent.
A lot goes into the closing of your home. In the days prior to closing, we initiate the title work to be done on your home. During this time, our attorneys will conduct a name and title search to make sure there are no liens, judgments, or encumbrances against any parties involved in the transaction.
Your closing will take place in the offices of our title company. Upon request and for an additional fee, we may be able to send a mobile notary to close in a location convenient to all of the parties.
The title company will handle the closing process, taking in and disbursing funds, explaining which documents are what, getting proper signatures, and sometimes even drafting some or all of the necessary documents.
The closing is complete when the title company, with funds provided by the buyer, pays off any lien holders, pays the seller their proceeds, transfers ownership and all documents to the buyer.
After the closing is completed, the seller is no longer the owner of the property. The seller must relinquish all possession of the home by providing the buyer with all keys, garage door openers etc. These can all be brought to the closing table. Don't forget to bring your photo ID (driver's license, passport, etc.) to closing.
Absent an agreement with the buyer, the seller is expected to have completely moved from the household with their possessions at this time.
Keep all copies of any closing documents. Your tax preparer may want to see them when preparing your taxes for the year of the sale.