Process

• On the scheduled closing date, the buyer and seller, or their representatives, meet to finalize the sale. The meeting may take place at a title company or attorney's office. The seller signs the deed over to the buyer. The buyer in turn remits payment for any balances owed. The title company or attorney registers the new deed with the local tax collector's office.
  
  

Closing Costs

• If closing costs have not been included in the loan, the buyer pays them at the time of closing. Typical costs include: loan origination fees, appraisal fees, title insurance and legal fees. Homeowner's insurance and real estate taxes can also be prepaid at the time of closing. These are usually paid with the establishment of an escrow account.
  
  

Items Needed

• On the day of closing, the buyer brings a checkbook or cashier's check. Driver's license or other form of identification should also be included. The seller brings all keys, garage openers, etc. If applicable, the seller also provides copies of association by-laws and rules for transfer to the new owners.