Signing on the Dotted Line: Closing

Who: Buyers, sellers, attorneys of both parties, realtors, closing agent.

What: Closing the entire transaction of the home.

Why: This completes the buying and selling of the home between both parties and finalizes your mortgage/note with your lender.

When:  Usually 4-6 weeks after the offer is accepted.

Where: A mutually agreed upon location between all parties. Common closing locations are at the house of sale or the mortgage lender, title company or real estate agent’s office.

How: Both buyer and seller agree to transact the home with the help of their realtors, the closing agent and their attorneys. Buyers sign their promissory note, mortgage documents and the Truth-in-Lending Statement (TIL). Closing costs are collected at this time too. They will be itemized on the HUD-1 statement for easy review. Both parties sign paperwork that transfers ownership of the home from seller to buyer. Buyer’s get keys, codes and access to the home that is now theirs.