What Happens At Closing?

Moments From Home Ownership!

Often referred to as closing, escrow or settlement, this meeting is the culmination of the real estate transaction and property ownership is transferred from the seller to the buyer. Settlement or closing takes place on a specified date and time predetermined by the Purchase Contract during which all parties (usually including the agents involved) meet at a settlement company presided over or supervised by a lawyer. Here you and the seller will review all of the relevant closing papers, many of which you'll sign. The transaction may take up to an hour or more depending on the complexity of the transaction. Below is an outline of the typical events of a real estate closing including items you should bring with you at closing.

What To Bring To Closing

In anticipation of closing, please be prepared to bring the following items with you to closing:

• A photo ID.
• A list of your addresses for the past 10 years
• A certified check, made payable to yourself, for the amount specified in your most recent Good Faith estimate you received from your mortgage consultant or lender. This usually includes the balance of your down payment (subtract the earnest money you paid when your offer was accepted), and fees for other services.
• Your personal checkbook so if other charges come up, you can write a personal check to cover them.
• Your homeowner's / hazard insurance binder with proof of one year's payment (usually a receipt).

Typical Ohio Real Estate Closing

The buyer (or his bank) delivers a check for the purchase price.

The seller signs the deed over to the buyer, and gives him the keys.

A title company, lawyer or civil law notary registers the new deed with the local land registry office, registrar’s office or courthouse.

The seller receives a check for the proceeds of the sale, less closing costs and mortgage payouts.

Congratulations! You have now realized the American Dream of Home Ownership!

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