The final details of buying a new or pre-owned home take place on closing day when the purchase price is paid and title is transferred from the seller to the buyer. In most states the mortgage lender's attorney or a title agent will handle the closing details and protect buyer and seller rights as a neutral 3rd party.
Closing day is typically 30 to 45 days from when the Seller and Buyer agreed to terms and signed a final Purchase Agreement.
Items paid by the Buyer and items paid by the Seller are summarized on the Settlement Statement.
The Settlement Statement is the main focus of attention on Closing day.
Get a copy of the Settlement Statement at least a day before the closing.
Review every item with the help of your real estate agent.
Demand changes if items the Seller should pay have been charged to the Buyer.
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