Closing
At the closing, there needs to be someone who coordinates closing-related activities, like recording the closing documents and disbursing funds. Closings can be handled by real estate brokers, lenders, attorneys for the buyers and sellers, insurance companies or escrow companies. Requirements vary by state, so it's important that you understand the closing activities in your area.
To close the deal, you, your real estate agent, and your settlement attorney (if necessary) will meet with the seller, the seller's agent, and possibly another attorney representing the seller. You will need to bring your homeowner's insurance policy and the cashier's check for the down payment on the house plus closing costs to this meeting.
During the closing meeting, you'll sign all of the paperwork associated with the transfer of ownership of the home. This will probably take close to an hour. The previous owner will also hand over all owners and maintenance manuals for the appliances and gadgets that come with the house at this time. Then you'll receive the much-coveted keys to your new home, and it's all yours! In some parts of the country, closing meetings aren't necessary. If that's true in your area, an escrow agent will process the paperwork, arrange for the documents to be signed and collect and disburse the funds.