A real estate closing, also referred to as a settlement, is the final step in a real estate purchase transaction.
The closing is when ownership of the property is transferred from the seller to the buyer.
The time and date of the closing is usually decided upon during the negotiation phase.
The real estate closing includes several steps:
The buyer or their lender provides a check equal to the purchase price of the house or the remaining balance.
The seller signs the deed over to the buyer, which officially transfers ownership to the buyer, and provides the buyer with the keys and any required security codes.
The title company, lawyer or notary (depending on the state and situation) record the deed with the appropriate government office. This step provides public record of the change of ownership.
Once the mortgage balance and closing costs have been paid off, the seller receives proceeds from the sale.
If you have any questions about what to expect during the closing for your transaction, don’t hesitate to reach out to the closing experts at Coastal Security Title.
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