What is a real estate closing?

A real estate closing is the final step of a real estate transaction in California. It is the point where all documents are signed and money is exchanged to officially transfer ownership of the property. The closing typically occurs at the office of an escrow company or a title company. In the closing, all parties involved in the sale including the buyer, seller, real estate agent, attorneys, and lenders will review and sign the documents that transfer the rights of the property from the seller to the buyer. The buyer will then review and sign mortgage documents and officially give the lender the funds for the purchase. The seller will also sign documents confirming that the house is now owned by the buyer. After this is done, the title company will transfer the deed over to the buyer, making them the legal owner of the property. The real estate closing also includes payment of any remaining fees such as closing costs and real estate taxes. These fees must be paid in full before the sale is final. Once all of these steps are completed, the buyer will receive the keys to the property and officially take ownership. At this point, the property is transferred completely and the real estate closing is complete.

Related FAQs

What is a home inspection?
How do I obtain title insurance?
How can I protect my rights as a landlord?
What is a homeowners' association?
What is a mortgage loan?
What types of documents are used in real estate transactions?
How do I obtain a real estate license?
What is an environmental impact statement?
What are the laws governing tenant screening and eviction?
What is a title insurance policy?

What is a real estate closing?

Related FAQs

Related Blog Posts