Understanding Closing Costs & Process
Everything you need to know about closing costs, hidden fees, and the final steps to sell your home.
The Closing Process: What to Expect
Closing, sometimes referred to as "settlement," marks the formal conclusion of the real estate transaction. This is when property ownership is transferred from the seller to the buyer, and both parties fulfill the terms of their contract.
As the seller, you can expect to review and sign documents that officially transfer ownership of your property, such as the deed and settlement statement. Your mortgage balance, closing costs, and agent commissions will be paid out of the sale proceeds before you receive your net amount.
1. Final Walkthrough
This is your last chance to inspect the property and ensure any agreed-upon repairs have been made and that the property's condition hasn't changed.
2. Sign Documents
Expect a sea of paperwork. You'll need to sign loan documents, the deed, and multiple disclosures. An attorney or a representative from the title company will be present to guide you.
3. Fund Disbursement
Once everything is signed and verified by all parties, funds are disbursed, the property has officially been sold, and ownership passes to the buyer.