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((More references|date=December 2009))

The '''closing''' (also called the '''completion''' or '''settlement''') is the final step in executing a [[real estate transaction]]. It is the last step in purchasing and financing a property.<ref>((Cite web|title=What is a mortgage "closing?" What happens at the closing?|url=https://www.consumerfinance.gov/ask-cfpb/what-is-a-mortgage-closing-what-happens-at-the-closing-en-176/|url-status=live|website=The Consumer Financial Protection Bureau (CFPB)|archive-url=https://web.archive.org/web/20170705073230/https://www.consumerfinance.gov/ask-cfpb/what-is-a-mortgage-closing-what-happens-at-the-closing-en-176/ |archive-date=2017-07-05 ))</ref> On the closing day, ownership of the property is [[Conveyancing|transferred]] from the seller to the buyer. In most jurisdictions, [[ownership]] is officially transferred when a [[deed]] from the seller is delivered to the buyer.

== The closing process ==
The closing process officially begins once the seller accepts, signs, and returns a purchase offer (also known as a purchase agreement). The closing date is set during the property negotiation phase and is usually several weeks after an offer is formally accepted.<ref>((Cite web |title=Closing On A House: Step-By-Step |url=https://www.rocketmortgage.com/learn/closing-on-a-house |access-date=2022-05-17 |website=www.rocketmortgage.com |language=en))</ref> At a high level, the closing typically involves the following parties: the seller, the buyer, real estate agents, attorneys (depending on the state), the mortgage lender, and the settlement agency (also known as a title company).<ref>((Cite book|last=Gadow|first=Sandy|title=The Complete Guide to Your Real Estate Closing|publisher=Escrow Publishing Company|year=2017|isbn=978-0071400350|pages=13-25))</ref> 

State and regional legislation can greatly impact the closing process, thus it can vary depending on where the property is located. In general, a typical closing process consists of four major steps: 

# '''Order opening''': The closing is ordered by the lender or real estate agent, and the settlement agency contacts all transaction parties to let them know they are handling the closing. A [[title search]] is ordered, and a [[title commitment]] and closing protection letter (CPL) are issued and sent to the lender. In some cases, closing in [[escrow]] may occur. If so, the opening of escrow occurs during this time.<ref>((Cite book|last=Gadow|first=Sandy|title=The Complete Guide to Your Real Estate Closing|publisher=Escrow Publishing Company|year=2017|isbn=978-0071400350|pages=24-25))</ref> 
# '''Closing preparation''': During closing prep, any title issues discovered during the title search are cleared up.<ref>((Cite web|title=Title Insurance: A Comprehensive Overview|url=https://www.alta.org/press/TitleInsuranceOverview.pdf|url-status=live|website=American Land Title Association|archive-url=https://web.archive.org/web/20061004201817/http://www.alta.org:80/press/TitleInsuranceOverview.pdf |archive-date=2006-10-04 ))</ref> A day or two before the closing, the settlement agency will produce a series of documents called closing documents or a closing package that the buyer and seller will sign at the closing.<ref>((Cite web|title=Your mortgage closing checklist|url=https://files.consumerfinance.gov/f/documents/cfpb_buying-a-house_mortgage-closing_checklist.pdf|url-status=live|website=Consumer Finance Protection Bureau (CFPB)|archive-url=https://web.archive.org/web/20190604235018/https://files.consumerfinance.gov/f/documents/cfpb_buying-a-house_mortgage-closing_checklist.pdf |archive-date=2019-06-04 ))</ref> Before the closing happens, the settlement agency must ensure that all the money that the lender and buyer expect to send into escrow matches the total amount expected by parties that need to be paid, such as the seller and real estate agents. This matching process means that accounting information is gathered and the order is “balanced.”<ref>((Cite book|last=Tacher|first=Kevin|title=The Title Wave of Real Estate: Everything You Need to Know about Title Insurance and Real Estate Closings|publisher=Independence Title, Inc.|year=2019|pages=75-84))</ref> 
# '''The closing''': On the closing date, the closing documents are signed by the buyer and seller.<ref>((Cite web|title=Buying a house: Tools and resources for homebuyers|url=https://www.consumerfinance.gov/owning-a-home/|url-status=live|website=Consumer Finance Protection Bureau (CFPB)|archive-url=https://web.archive.org/web/20131127174547/http://www.consumerfinance.gov:80/owning-a-home/ |archive-date=2013-11-27 ))</ref> On this day, the seller may also deliver [[Possession (law)|possession]] to the buyer, typically by giving the buyer keys to the property.<ref>((Cite web|last=Miller|first=Anne|date=August 8, 2014|title=When Do I Finally Get the Keys to My New House?|url=https://www.realtor.com/advice/buy/when-do-i-get-the-keys-to-my-house/|url-status=live|website=realtor.com|archive-url=https://web.archive.org/web/20211102180555/https://www.realtor.com/advice/buy/when-do-i-get-the-keys-to-my-house/ |archive-date=2021-11-02 ))</ref> 
# '''Post closing''': The signed documents are recorded at the recording office.<ref>((Cite web|title=ALTA - Best Practices|url=https://www.alta.org/best-practices/faq.cfm|url-status=live|website=American Land Title Association|archive-url=https://web.archive.org/web/20170424070507/http://www.alta.org:80/best-practices/faq.cfm |archive-date=2017-04-24 ))</ref> [[Title insurance]] is issued during this time. The loan is funded on the funding date and the money is disbursed from escrow on the disbursement date.<ref>((Cite web|title=Title Insurance|url=http://www.insurance.ca.gov/01-consumers/105-type/95-guides/03-res/Title-Insurance.cfm|url-status=live|website=California Department of Insurance|archive-url=https://web.archive.org/web/20141021203532/http://www.insurance.ca.gov/01-consumers/105-type/95-guides/03-res/Title-Insurance.cfm |archive-date=2014-10-21 ))</ref>  

==See also==
* [[Closing (sales)]]
*[[Title insurance]]
*[[Mortgage loan]]
* [[List of real estate topics]]

==References==
<references />

((Real estate))
((DEFAULTSORT:Closing (Real Estate)))
[[Category:Real estate terminology]]

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