Closing — The Final Step
Closing (also called settlement or escrow closing) is when ownership officially transfers and all money changes hands.
Who is typically at closing:
Buyer and their agent
Seller and their agent
Title company / closing attorney
Lender's representative
What happens at closing:
Buyer signs mortgage documents and promissory note
Buyer pays closing costs and down payment
Deed is signed and transferred from seller to buyer
Deed is recorded with county recorder's office
Seller receives net proceeds
Closing costs (typically 2–5% of loan):
Loan origination fee, appraisal fee, title insurance, title search, attorney fees, recording fees, prepaid interest, property tax escrow
RESPA (Real Estate Settlement Procedures Act):
Federal law requiring disclosure of all closing costs
Lenders must provide Loan Estimate within 3 business days of application
Closing Disclosure provided at least 3 business days before closing
Reference:
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