This is a meeting of the buyer and seller, their respective attorneys, a representative and/or attorney from the mortgage institution, and the real estate agents representing the buyer and seller.

Closing activities include signing the deed and mortgage, paying the closing costs, and turning over house keys to the new owner. You are expected to have a certified check for the mortgage amount and some closing costs. You can write a personal check for other expenses (e.g., attorney fees, prorated taxes).

As part of the settlement phase, your lender will wire the loan funds to an escrow account or send a cashier's check to the closing agent, which may be a title company, an attorney, or an escrow agent, depending upon the state in which the transaction occurs. The property's owner or their lender is paid in full and all fees for all parties are paid. The property's ownership will then transfer from the seller or the seller's lender to your lender.

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