What is the “Closing”?

The closing is a final meeting of all the parties involved in the real estate transaction. Attorneys for Party A, Party B, and Party C convene with sellers and buyers to sign and officially transfer title to the buyers. A representative of the title insurance company will also be present to facilitate the transfer of title. The title company is also responsible for recording the new deed.
Before arriving at the closing, the buyer should visit the property to assure that everything is in working order. That means turning on the heat and air conditioning and checking for leaks and other problems. After the closing, any problem is the buyer’s responsibility. The buyer should also have all the necessary paperwork and certified checks for the seller and for various closing costs. Otherwise, if the mortgage, title, homeowner’s insurance, and other documents required by law are not completed and brought to the closing table, the closing may be delayed.

Closing, also referred to as “settlement” or “escrow,” is the process during which the ownership of a property is transferred from the seller to the buyer. Closing is usually conducted in an office, such as that of a legal expert, title agent, or title insurance firm, and encompasses the fulfillment of all required documentation to complete the agreement between the buyer and seller.
Moreover, at closing, all financial matters, namely closing expenses, are resolved. Once the title is effectively transferred, the mandatory paperwork is prepared, signed, and submitted to relevant authorities.