The final step in a real estate transaction is called closing or settlement. It’s the big day when the buyer meets with a signing agent to review and sign the settlement statement (HUD-1), money is distributed, and ownership is officially transferred from the seller to the buyer.
The date of closing is usually established up front when the buyer and seller contractually agree on an offer. The seller is not required to attend the closing in-person but does need to be available to sign any paperwork.
What a homebuyer can expect on closing day:
ARRIVE AT YOUR APPOINTMENT
- Your signing agent will be there when you arrive to guide you through your settlement appointment. The seller, seller’s real estate agent, and your real estate agent may also be present.
SIGN YOUR PAPERWORK
- Your signing agent will present the final paperwork for you to sign. If you have questions, your closing specialist will be available throughout the closing.
NOTARY AND FINAL REVIEW
- Your signing agent verifies and notarizes your signature, and then the closing specialist double-checks everything.
CELEBRATE YOUR CLOSING
- When your paperwork is complete; we will notify you that everything is approved so you can celebrate!