How It Works

A real estate closing is the conclusive phase of a property transaction where ownership is transferred from the seller to the buyer. This pivotal event involves the signing of legal documents, including the deed and mortgage agreements, along with the payment of funds covering the purchase price and associated fees.

An escrow agent typically manages the process, ensuring all conditions are met before disbursing funds and recording documents. Buyers often conduct a final walkthrough to confirm the property's condition. Once all tasks are completed, including the recording of documents with relevant authorities, ownership officially changes hands, marking the completion of the sale.