The Final Steps
Get the final word on finalizing the sale! Closing refers to the preparation for the transfer of the property ownership from the seller to the buyer. Your real estate agent will tell you the customary method for closing in your area, and help lead you through the process.
Closing day is the day you become the owner of your new house. Once the mortgage and deed for the property are recorded, you become the official owner, and your lawyer will call you to pick up the keys to your new house. Congratulations, you've just bought a home! Remember that the home buying process isn't over just yet. There are quite a few things that need to be done on closing day:
- Your lender will provide the mortgage money to your lawyer/notary.
- You must provide the balance of the purchase price to your lawyer/notary along with the closing costs.
- Your lawyer/notary pays the vendor, registers the home in your name and gives you the deed and the keys to your new home.