Completion of the Sale
The real estate closing is also referred to as completion. The two terms are interchangeable, though “closing” is the more common usage. This is the final step in a real estate purchase transaction. It’s when property ownership is transferred from the seller to the buyer.
Within several days prior to completion, as Buyer, you will make an appointment with your lawyer/notary to review and sign many documents. These will include mortgage documents, if you are obtaining financing to facilitate the purchase. You will need to bring in certified funds for the down payment and the closing costs that were not included in the mortgage loan. To ensure a smooth transaction, this is a good time to touch base with your insurance company, your movers, and your REALTOR* to ensure all closing details are scheduled.
During this time the Seller will also have an appointment at their respective lawyer/notaries to review and sign paperwork in preparation for closing. Once the mortgage documents are signed, the lender will release the loan proceeds checks. In exchange for these loan and additional buyer proceeds, the Seller’s lawyer or notary, provides the title and ancillary documents. There will also be a final distribution of funds on closing day and the Seller’s lawyer/notary will make arrangements for the distribution once their mortgage balance and closing costs have been paid off. The Seller’s lawyer or notary will make arrangements for the distribution of the proceeds of the sale.
The title, mortgage and ancillary documents are then registered, to officially transfer the ownership to the buyer.
Finally, the REALTOR® will make arrangements to provide you keys to your new home!
Congratulations on the successful purchase of your home!