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Closing

Closing is the final transaction between a buyer and seller of real property. At the closing, all agreements between buyer and seller are finalized, documents are signed and exchanged, money passes to the seller, and title to the property passes to the buyer. Closings generally take place at the office of the title company, which issues title insurance to both buyer and lender. This insurance is issued after the title company has researched the chain of title to the property and cleared any matter that might interfere with a successful transfer of title.

Both the buyer and the seller may be represented by attorneys who review the closing package, which may include more than twenty-five documents and affidavits required by a raft of regulations. The buyer’s attorney, if any, also reviews the title company’s research to ensure that the buyer receives clear title. An agent of the title company conducts and facilitates the closing. At the closing, the buyer reviews and endorses all loan documents.