Closing

Most people describe a closing as hectic, and a little nerve-wracking – the closing is when everyone and everything must come together when you’re buying a home or refinancing a mortgage (although it’s a much simpler affair when refinancing a mortgage).

A closing is a meeting that finalizes the sale and purchase of real estate. On this day the money is paid and all of the proper paperwork is signed and delivered – for example, the title is transferred to the new owner, and the deed or deed of trust is delivered to the county recorder’s office.

The buyers and sellers do not have to be present, so long as the proper paperwork is signed by them – the remainder of the closing is typically handled by a representative, such as the real estate agent or attorney, as well as the title company and escrow holder.

Posted in Refinance Glossary.