What Happens at Closing?
The property is officially transferred from the seller to you at "Closing" or "Funding".
At closing, the ownership of the property is officially transferred from the seller to you. This may involve you, the seller, real estate agents, and title or escrow firm representatives. A "Closing" can typically take approximately 1 to 2 hours to review and sign all the documenation for the transaction. The paperwork for the closing or settlement is prepared by the mortgage lender and the Title Agency.
Prior to closing you should have a final inspection, or "walk-through" with your real estate agent to insure requested repairs were performed (if applicable), and items agreed to remain with the house are there such as drapes, lighting fixtures, etc.
In most states the settlement is completed by a title or escrow firm in which you forward all materials and information plus the appropriate cashier's checks so the firm can make the necessary disbursement to the seller. Your real estate representative will then give the keys to you.
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