The
sale is formally ended at the closing table. In most transaction, the
closing lasts less than an hour and often occurs at the title company
office. Your REALTORŪ and the buyer's agent may be present, and a title
company officer or escrow agent will preside.
Basic documents
The
sale actually consists of two transactions: 1) transferring the
property to the buyer and 2) paying off the existing mortgage on your
home (or allowing the buyer to assume your mortgage). To transfer the
property, the title company will present documents proving that you
have the title. Proceeds of the sale may be disbursed at closing or
shortly thereafter, once all paperwork and verifications has been
processed. When you give your house key to the new owners, the sale is
completed.
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