What is a closing?

The closing of a real estate transaction is the final stage that concludes the contract for purchase and sale between the buyer and seller

At the closing:

  • the seller delivers the deed and title to the property is conveyed to the buyer
  • the buyer pays the seller the amount due under the contract
  • other financial matters including prorations and expenses are accounted for

Closings can be conducted by real estate brokers but often a title company or attorney will handle the closing