This is an important day for you and the buyer. Also called settlement, this is when you, the buyer, closing agent, and perhaps other parties representing the buyer, meet to fulfill all agreements outlined in the purchase and sale contracts.
You will sign a lot of documents at closing. Don't be afraid to ask questions about complex language – these are legal documents and you need to know before you sign!
What’s the big deal?
Closing is a significant meeting because a lot of legal and financial transactions take place for you and the buyer. Specifically, you’ll officially transfer ownership of the property to the buyer, pay off any mortgages tied to the property and receive any proceeds from the sale. It’s important that this day run smoothly, especially if you plan on using sales proceeds for the purchase of your next home.