194:: During closing prep, any title issues discovered during the title search are cleared up. 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. 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.”
1214:
33:
1240:
1227:
165:
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. At a high level, the closing
166:
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).
169:
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:
282:
420:
176:: 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
527:
181:
483:
1198:
274:
1153:
392:
409:
214:
is issued during this time. The loan is funded on the funding date and the money is disbursed from escrow on the disbursement date.
97:
659:
69:
1168:
50:
460:
558:
1158:
505:
76:
17:
200:: On the closing date, the closing documents are signed by the buyer and seller. On this day, the seller may also deliver
519:
1183:
365:
329:
981:
664:
116:
83:
1266:
65:
1138:
1118:
583:
145:. It is the last step in purchasing and financing a property. On the closing day, ownership of the property is
54:
1244:
1148:
1092:
697:
1097:
1087:
654:
475:
439:
The Title Wave of Real Estate: Everything You Need to Know about Title
Insurance and Real Estate Closings
224:
754:
644:
255:
702:
599:
551:
614:
1230:
896:
785:
634:
184:
and closing protection letter (CPL) are issued and sent to the lender. In some cases, closing in
142:
90:
43:
996:
956:
722:
1057:
1037:
1011:
1001:
961:
790:
692:
649:
639:
624:
604:
1218:
971:
901:
764:
707:
629:
619:
609:
544:
235:
296:
8:
1128:
951:
946:
780:
685:
680:
381:
1178:
1052:
1006:
986:
819:
800:
742:
717:
1082:
891:
874:
834:
759:
749:
727:
712:
361:
325:
1102:
1077:
976:
918:
879:
839:
201:
966:
913:
452:
245:
240:
211:
1193:
1173:
1133:
1072:
854:
824:
230:
497:
227:, fulfilled by a "concurrent closing", sometimes called "simultaneous closing"
1260:
991:
923:
908:
737:
250:
1163:
1062:
1047:
1021:
844:
810:
177:
146:
1188:
1042:
864:
859:
732:
567:
344:
1143:
1016:
150:
32:
1123:
1067:
869:
795:
578:
204:
to the buyer, typically by giving the buyer keys to the property.
188:
may occur. If so, the opening of escrow occurs during this time.
928:
185:
536:
884:
210:: The signed documents are recorded at the recording office.
275:"What is a mortgage "closing?" What happens at the closing?"
849:
154:
149:
from the seller to the buyer. In most jurisdictions,
453:"Buying a house: Tools and resources for homebuyers"
57:. Unsourced material may be challenged and removed.
476:"When Do I Finally Get the Keys to My New House?"
1258:
279:The Consumer Financial Protection Bureau (CFPB)
358:The Complete Guide to Your Real Estate Closing
322:The Complete Guide to Your Real Estate Closing
1199:List of housing markets by real estate prices
552:
360:. Escrow Publishing Company. pp. 24–25.
324:. Escrow Publishing Company. pp. 13–25.
382:"Title Insurance: A Comprehensive Overview"
157:from the seller is delivered to the buyer.
1239:
559:
545:
441:. Independence Title, Inc. pp. 75–84.
457:Consumer Finance Protection Bureau (CFPB)
417:Consumer Finance Protection Bureau (CFPB)
117:Learn how and when to remove this message
14:
1259:
473:
436:
160:
540:
355:
319:
1226:
55:adding citations to reliable sources
26:
141:) is the final step in executing a
24:
1184:Undergraduate real estate programs
524:California Department of Insurance
297:"Closing On A House: Step-By-Step"
25:
1278:
982:Investment rating for real estate
410:"Your mortgage closing checklist"
153:is officially transferred when a
1238:
1225:
1213:
1212:
530:from the original on 2014-10-21.
508:from the original on 2017-04-24.
486:from the original on 2021-11-02.
463:from the original on 2013-11-27.
426:from the original on 2019-06-04.
398:from the original on 2006-10-04.
285:from the original on 2017-07-05.
31:
566:
512:
502:American Land Title Association
490:
474:Miller, Anne (August 8, 2014).
467:
389:American Land Title Association
42:needs additional citations for
1139:Graduate real estate education
584:Tertiary sector of the economy
445:
430:
402:
374:
349:
338:
313:
289:
267:
13:
1:
261:
1093:Real estate investment trust
698:Extraterrestrial real estate
7:
1098:Real property administrator
1088:Real estate investment club
218:
10:
1283:
755:Private equity real estate
256:List of real estate topics
66:"Closing" real estate
1207:
1111:
1030:
937:
809:
773:
703:International real estate
673:
592:
574:
225:Another Sale Contingency
1267:Real estate terminology
897:Real estate transaction
786:Real estate development
498:"ALTA - Best Practices"
143:real estate transaction
997:Real estate derivative
957:Effective gross income
723:Healthcare real estate
437:Tacher, Kevin (2019).
301:www.rocketmortgage.com
1154:Industry trade groups
1058:Exclusive buyer agent
1012:Real estate valuation
1002:Real estate economics
962:Gross rent multiplier
791:Real estate investing
693:Corporate Real Estate
356:Gadow, Sandy (2017).
345:Buyer’s Agents Guide
320:Gadow, Sandy (2017).
972:Highest and best use
938:Economics, financing
902:Real estate contract
796:Real estate flipping
765:Residential property
708:Lease administration
660:United Arab Emirates
236:Simultaneous closing
51:improve this article
18:Settlement (closing)
952:Capitalization rate
947:Asset-based lending
781:Property management
686:Commercial building
681:Commercial property
192:Closing preparation
161:The closing process
1179:Real estate trends
1083:Real estate broker
1053:Chartered Surveyor
1007:Real estate bubble
987:Mortgage insurance
820:Adverse possession
743:Luxury real estate
718:Garden real estate
180:is ordered, and a
1254:
1253:
892:Property abstract
875:Land registration
835:Concurrent estate
760:Real estate owned
750:Off-plan property
728:Vacation property
713:Niche real estate
520:"Title Insurance"
133:(also called the
127:
126:
119:
101:
16:(Redirected from
1274:
1242:
1241:
1229:
1228:
1216:
1215:
1159:Investment firms
1078:Property manager
977:Home equity loan
880:Leasehold estate
840:Conditional sale
561:
554:
547:
538:
537:
532:
531:
516:
510:
509:
494:
488:
487:
471:
465:
464:
449:
443:
442:
434:
428:
427:
425:
414:
406:
400:
399:
397:
386:
378:
372:
371:
353:
347:
342:
336:
335:
317:
311:
310:
308:
307:
293:
287:
286:
271:
182:title commitment
122:
115:
111:
108:
102:
100:
59:
35:
27:
21:
1282:
1281:
1277:
1276:
1275:
1273:
1272:
1271:
1257:
1256:
1255:
1250:
1203:
1107:
1026:
967:Hard money loan
939:
933:
914:Rent regulation
805:
769:
669:
588:
570:
565:
535:
518:
517:
513:
496:
495:
491:
472:
468:
451:
450:
446:
435:
431:
423:
412:
408:
407:
403:
395:
384:
380:
379:
375:
368:
354:
350:
343:
339:
332:
318:
314:
305:
303:
295:
294:
290:
273:
272:
268:
264:
246:Title insurance
241:Closing (sales)
221:
212:Title insurance
163:
123:
112:
106:
103:
60:
58:
48:
36:
23:
22:
15:
12:
11:
5:
1280:
1270:
1269:
1252:
1251:
1249:
1248:
1245:List of topics
1235:
1222:
1208:
1205:
1204:
1202:
1201:
1196:
1194:Urban planning
1191:
1186:
1181:
1176:
1174:Property cycle
1171:
1166:
1161:
1156:
1151:
1146:
1141:
1136:
1134:Gentrification
1131:
1126:
1121:
1115:
1113:
1109:
1108:
1106:
1105:
1100:
1095:
1090:
1085:
1080:
1075:
1073:Moving company
1070:
1065:
1060:
1055:
1050:
1045:
1040:
1034:
1032:
1028:
1027:
1025:
1024:
1019:
1014:
1009:
1004:
999:
994:
989:
984:
979:
974:
969:
964:
959:
954:
949:
943:
941:
935:
934:
932:
931:
926:
921:
916:
911:
906:
905:
904:
894:
889:
888:
887:
877:
872:
867:
862:
857:
855:Eminent domain
852:
847:
842:
837:
832:
827:
825:Chain of title
822:
816:
814:
813:and regulation
807:
806:
804:
803:
798:
793:
788:
783:
777:
775:
771:
770:
768:
767:
762:
757:
752:
747:
746:
745:
740:
735:
730:
725:
720:
710:
705:
700:
695:
690:
689:
688:
677:
675:
671:
670:
668:
667:
665:United Kingdom
662:
657:
652:
647:
642:
637:
632:
627:
622:
617:
612:
607:
602:
596:
594:
590:
589:
587:
586:
581:
575:
572:
571:
564:
563:
556:
549:
541:
534:
533:
511:
489:
466:
444:
429:
401:
373:
367:978-0071400350
366:
348:
337:
331:978-0071400350
330:
312:
288:
265:
263:
260:
259:
258:
253:
248:
243:
238:
233:
231:Double closing
228:
220:
217:
216:
215:
205:
195:
189:
162:
159:
125:
124:
39:
37:
30:
9:
6:
4:
3:
2:
1279:
1268:
1265:
1264:
1262:
1247:
1246:
1236:
1234:
1233:
1223:
1221:
1220:
1210:
1209:
1206:
1200:
1197:
1195:
1192:
1190:
1187:
1185:
1182:
1180:
1177:
1175:
1172:
1170:
1167:
1165:
1162:
1160:
1157:
1155:
1152:
1150:
1147:
1145:
1142:
1140:
1137:
1135:
1132:
1130:
1127:
1125:
1122:
1120:
1117:
1116:
1114:
1110:
1104:
1101:
1099:
1096:
1094:
1091:
1089:
1086:
1084:
1081:
1079:
1076:
1074:
1071:
1069:
1066:
1064:
1061:
1059:
1056:
1054:
1051:
1049:
1046:
1044:
1041:
1039:
1036:
1035:
1033:
1029:
1023:
1020:
1018:
1015:
1013:
1010:
1008:
1005:
1003:
1000:
998:
995:
993:
992:Mortgage loan
990:
988:
985:
983:
980:
978:
975:
973:
970:
968:
965:
963:
960:
958:
955:
953:
950:
948:
945:
944:
942:
940:and valuation
936:
930:
927:
925:
924:Torrens title
922:
920:
917:
915:
912:
910:
909:Real property
907:
903:
900:
899:
898:
895:
893:
890:
886:
883:
882:
881:
878:
876:
873:
871:
868:
866:
863:
861:
858:
856:
853:
851:
848:
846:
843:
841:
838:
836:
833:
831:
828:
826:
823:
821:
818:
817:
815:
812:
808:
802:
799:
797:
794:
792:
789:
787:
784:
782:
779:
778:
776:
772:
766:
763:
761:
758:
756:
753:
751:
748:
744:
741:
739:
738:Golf property
736:
734:
731:
729:
726:
724:
721:
719:
716:
715:
714:
711:
709:
706:
704:
701:
699:
696:
694:
691:
687:
684:
683:
682:
679:
678:
676:
672:
666:
663:
661:
658:
656:
653:
651:
648:
646:
643:
641:
638:
636:
633:
631:
628:
626:
623:
621:
618:
616:
613:
611:
608:
606:
603:
601:
598:
597:
595:
591:
585:
582:
580:
577:
576:
573:
569:
562:
557:
555:
550:
548:
543:
542:
539:
529:
525:
521:
515:
507:
503:
499:
493:
485:
481:
477:
470:
462:
458:
454:
448:
440:
433:
422:
418:
411:
405:
394:
390:
383:
377:
369:
363:
359:
352:
346:
341:
333:
327:
323:
316:
302:
298:
292:
284:
280:
276:
270:
266:
257:
254:
252:
251:Mortgage loan
249:
247:
244:
242:
239:
237:
234:
232:
229:
226:
223:
222:
213:
209:
206:
203:
199:
196:
193:
190:
187:
183:
179:
175:
174:Order opening
172:
171:
170:
167:
158:
156:
152:
148:
144:
140:
136:
132:
121:
118:
110:
107:December 2009
99:
96:
92:
89:
85:
82:
78:
75:
71:
68: –
67:
63:
62:Find sources:
56:
52:
46:
45:
40:This article
38:
34:
29:
28:
19:
1243:
1231:
1217:
1164:Land banking
1063:Land banking
1048:Buyer broker
1022:Rental value
845:Conveyancing
829:
655:Saudi Arabia
523:
514:
501:
492:
479:
469:
456:
447:
438:
432:
416:
404:
388:
376:
357:
351:
340:
321:
315:
304:. Retrieved
300:
291:
278:
269:
208:Post closing
207:
197:
191:
178:title search
173:
168:
164:
138:
134:
130:
128:
113:
104:
94:
87:
80:
73:
61:
49:Please help
44:verification
41:
1189:Urban decay
1043:Buyer agent
865:Foreclosure
860:Encumbrance
733:Arable land
645:Puerto Rico
593:By location
568:Real estate
480:realtor.com
198:The closing
147:transferred
1144:Green belt
1017:Remortgage
801:Relocation
600:Bangladesh
306:2022-05-17
262:References
202:possession
139:settlement
135:completion
77:newspapers
1129:Filtering
1119:Companies
1038:Appraiser
919:Severance
615:Indonesia
151:ownership
1261:Category
1219:Category
1124:Eviction
1068:Landlord
870:Land law
635:Pakistan
579:Property
528:Archived
506:Archived
484:Archived
461:Archived
421:Archived
393:Archived
283:Archived
219:See also
1232:Commons
1149:Indices
1031:Parties
830:Closing
774:Sectors
131:closing
91:scholar
1237:
1224:
1211:
1169:People
1103:Tenant
929:Zoning
650:Russia
640:Panama
625:Turkey
605:Canada
364:
328:
186:escrow
93:
86:
79:
72:
64:
1112:Other
885:Lease
674:Types
630:Kenya
620:Italy
610:China
424:(PDF)
413:(PDF)
396:(PDF)
385:(PDF)
98:JSTOR
84:books
850:Deed
362:ISBN
326:ISBN
155:deed
129:The
70:news
811:Law
137:or
53:by
1263::
526:.
522:.
504:.
500:.
482:.
478:.
459:.
455:.
419:.
415:.
391:.
387:.
299:.
281:.
277:.
560:e
553:t
546:v
370:.
334:.
309:.
120:)
114:(
109:)
105:(
95:·
88:·
81:·
74:·
47:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
