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The closing is the time
at which the property is formally sold and transferred from the
seller to the buyer. It is at this time that the borrower takes
on the loan obligations, pays all closing costs, and receives title
from the seller. The seller's role at the closing is relatively
simple. The seller will have to sign the deed and transfer tax return.
The Settlement Statement will itemize the financial part of the
transaction and should be reviewed carefully to be sure the seller
paid the correct amount. Most of the time at a closing is spent
with the buyer reviewing and signing the loan documents. At the
conclusion of the closing, the settlement agent will distribute
the funds to pay the seller and to pay all the related closings
costs.
The information
you obtain at this site is not, nor is it intended to be legal advice.
You should consult an attorney for individual advice regarding your
own situation.
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