Closing Ceremonies

The final stage in the complex process of a real estate transaction is the closing of the sale. Some people have the impression that it's a mere formality. But it actually involves many details. For the most part, this stage of the transaction will be handled by lawyers for both sides working in conjunction with the real estate agents and their companies.

For buyers, there are effectively two closings -- one for the acceptance of the mortgage and the other for the completion of the property transaction.

Before closing, any outstanding issues must be resolved and all the legal paperwork must be completed.

At the closing, the seller signs the deed that conveys the title of the property to the buyer. The buyer signs papers in which he or she promises to repay the mortgage and pledges the house as security. Closing statement documents will be read and signed. Then... the climactic moment... the keys are handed over and dreams turn into reality.

Occasionally the closing of the sale and the traditional handing over of the keys turns into an informal 'ceremony'... with all parties present in a lawyer's office. In any case, once the sale is 'closed', both parties can go and celebrate -- separately.

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