A closing is the meeting of all parties involved in a property transaction during which required legal documents are signed and transferred, and funds are distributed (as appropriate between the lender, seller and buyer). The closing usually happens in the closing agent’s office. The meeting usually takes about an hour, and is handled by a closing agent, which is either a title insurance company or an attorney.
At the closing, the closing agent explains the closing statement as well as other closing documents to the buyer, seller and realtor. When all of the documents have been signed, including the deed, and the buyer has provided funds to the closing agent, the seller receives his or her proceeds from the sale.