What Happens the Day of Closing on a House?
Home Closing Day: What Happens
Closing is primarily for the buyer and seller to review and sign the documents that transfer the ownership of the home, and to record the way the buyer would like to take title of the home. The buyer will sign off on a promissory note confirming the agreed-upon amount owed for mortgage and other legal documents.
Typically this meeting would take place at the mortgage lender’s office, or the lenders would allow a real estate attorney or the title company to manage the closing. Under these circumstances, the closing can take place at any location. Closing procedures vary between states but you can probably expect to have:
A closing agent who works for the title company or the lender
Attorneys representing the buyer or the lender
Real estate agents representing either or both parties to be present at the closing table
Once all documents are reviewed and signed, the checks are rendered to the title company. The seller would render any keys or access devices and walk away with a check reflecting any profit made from the sale. The buyer walks away with the keys and access devices and copies of their closing documents. Lastly, a huge weight is lifted from everyone’s shoulders and the mission is finally accomplished!