The Real Estate Closing Process

1. Sign Contract for Sale of Property

The closing process begins when you, as the seller, agree on the terms of the sale with the buyer.

2. Engage Title Company

A title company is engaged to oversee the closing process and perform a title search, ensuring that the property is free of liens or claims. This step confirms your legal ownership and verifies that you are authorized to sell the property.

3. Provide Necessary Documentation

You will need to provide various documents to the title company, including any existing mortgage information, and disclosures regarding the property's condition.

4. Review Closing Disclosures

You should review the closing disclosures, including the settlement sheet to understand the final terms of the sale.

5. Prepare for Closing Meeting

Gather all necessary documents and be prepared to attend the closing meeting. Ensure you have valid identification and any additional paperwork requested by the title company.

6. Closing Meeting

During the closing meeting, you will meet with the buyer, their agents, and the title company to sign the necessary documents, including the deed and any other required paperwork.

7. Transfer of Ownership

After signing, the buyer will provide the funds for the purchase, which the title company will disburse to you. This includes paying off any existing loans on the property before you receive your proceeds.

8. Record the Deed

The title company will file the new deed with the local county recorder's office, officially transferring ownership of the property to the buyer.

9. Receive Payment

Once the deed is recorded, you will receive your payment from the title company, completing the transaction.

10. Hand Over Keys

After the closing is complete, you will hand over the keys to the buyer, officially concluding the sale of your property.