The actual, legal transfer of ownership is called the closing. Possession is typically transferred at closing too.
During the meeting, you’ll sign many documents, including:
- The closing statement, a kind of balance sheet of all the funds changing hands between the parties.
- The mortgage papers, detailing your obligation to the lender
- A truth in Lending Statement
- Any additional documents required as per your lawyer
You will need to provide your payment of closing costs, proof of insurance, and approval of the inspections (if applicable)
After all documentation has been signed and all monies paid, possession is usually transferred and you receive the keys to your new home.
Participants usually include:
Buyer
- Retains lawyer
- Sets appointment to sign documents
- Review final closing statement
- Pay balance due
Seller
- Retains lawyer
- Sets appointment to sign transfer documents
- Review final closing statement
Lender
- Documents sent to Buyer’s lawyer for signature
Back to Beginning: Buying a Home
