Step 8 – Closing Day
The big day is here! But what exactly happens at closing?
At closing, the buyer requires that the seller prove the title is complete and free of anyone else’s claims. Technically, two separate closings occur at this time: the closing of the buyer’s loan and the closing of the sale. The buyer, the seller, their attorneys, and the closing agent typically attend the closing. The meeting can take from 1 ½ to 3 hours and is usually held at the closing agent’s office (title company) or the seller’s attorney’s office. You’ll be required at that time to review and sign various documents relating to the sale and closing costs. The closing agent will review the settlement sheet with you and your attorney and answer any questions. Once everyone agrees that the papers are in order, the buyer will submit a certified or cashier’s check to cover the closing costs and the balance of funds due (if applicable). After everything is signed, you give the keys to the buyer. It is now their home to enjoy!
