What happens at a real estate closing?

The closing process, or settlement, is the last step in buying a home. Closing is when you and all other parties in the mortgage loan transaction — real estate agents, attorneys, your title insurance company — sign the documents to close the deal. At that time, you become legally responsible for the mortgage loan. For this reason, it’s important to carefully read and understand your loan documents. Make sure the loan agreement outlines the terms and conditions you agreed upon, and don’t sign any documents that contain errors or that you don’t understand.

At “Mortgage with Graham” I will ALWAYS send a video breakdown on the final numbers for clients to review before closing. I also make sure I get all questions answered before clients head to the closing table so they know exactly what to expect before closing.

In most cases, possession of the property passes to the buyer at closing. In other instances, you may agree to give the seller several days after closing to vacate the property. The exact details would be outlined in the purchase contract between buyer and seller. That being said, typically the buyer takes possession immediately after signing the final documents at closing.