The day when a home’s sale or purchase is completed
The closing date, agreed upon by both the seller and buyer, is written in the purchase/sale agreement. Depending onwhat state the property is located, a closing can either bean actual meeting that takes place between the buyer and seller, or escrow, which doesn’t require a meeting.
Even though what happens at on the closing date varies from state to state, in general, there are 4 main steps:
(1) the buyer pays for the property, including the down payment and lender fees
(2) the buyer and seller sign the final closing documents
(3) the deed is recorded at the county courthouse
(4) the mortgage officially begins. In some states, these steps span over several days leading up to, and after, the closing date.
