During a real estate closing, the buyer and seller complete the transfer of ownership of a property. The closing typically takes place at the office of the title company or attorney handling the transaction. The buyer will typically review and sign various legal documents, including the mortgage loan documents and the deed transferring ownership of the property. The seller will also sign legal documents, including a document transferring ownership and another releasing any liens or claims on the property. A closing agent will review all the documents and disburse funds, including the transfer of the purchase price from the buyer to the seller and the payment of any outstanding liens or mortgages on the property. Once all the documents are signed and funds have been disbursed, the closing is considered complete and the transfer of ownership is official.
If you are interested in purchasing or selling a home, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.