Closing

During the closing, buyers carefully review and sign various legal documents related to the property purchase. These documents include the mortgage agreement, title documents, insurance policies, and other required disclosures. It is crucial for buyers to read and understand the terms before signing.

At the closing, the buyer transfers the funds required for the purchase to the appropriate parties. This includes paying the down payment, closing costs, and any other agreed-upon expenses. Simultaneously, the title of the property is transferred from the seller to the buyer, ensuring legal ownership.

Closing costs, which include fees for services rendered during the home buying process, are paid by the buyer at closing. These costs can include appraisal fees, title insurance, attorney fees, loan origination fees, and taxes. Buyers should be prepared to settle these costs as part of the closing process.

After all the necessary paperwork is signed, funds are transferred, and closing costs are paid, the buyer officially takes possession of the property. At this point, the buyer receives the keys and assumes responsibility for the property, including any ongoing maintenance, utilities, and related expenses.