Home Buying Terminology - The Closing

Home Buying Terminology: An A-to-Z review of common terms you'll encounter during the home buying process.

Closing - Closing (or settlement) is the formal transfer of home ownership from the seller to the buyer. A real estate closing usually takes place between the seller, buyer, settlement agent, and the seller's and buyer's real estate agents.

At closing, the buyer will sign the mortgage, the seller will receive payment for the property, and the buyer and/or seller will pay the closing costs.

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