After weeks of paperwork, inspections, and negotiations, closing day marks the final step in a real estate transaction.
But many buyers and sellers are unsure exactly what happens during closing.
Reviewing Final Documents
At closing, both parties review and sign several legal documents, including:
- Settlement statements
- Loan documents
- Property transfer records
Settlement professionals ensure every document is properly prepared and signed.
Funds Transfer
Closing also involves the transfer of funds between the buyer, seller, and lender.
This includes:
- Down payment
- Loan proceeds
- Taxes and fees
- Recording the Deed
Once documents are signed, the deed is recorded in local land records.
According to the Virginia Department of Housing and Community Development, recording the deed officially transfers ownership of the property.
(Source: https://www.dhcd.virginia.gov)
A Smooth Closing Experience
Working with an experienced settlement company can help ensure closing day proceeds without delays.
At Homeland Title Settlement, we help coordinate each step so buyers and sellers can complete their transactions with confidence.