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7. Close the Deal

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7. Close the Deal

At the closing meeting, buyer and seller complete the final requirements of the contract to legally transfer ownership of the real estate being sold. In addition to buyer and seller, attendees will include the closing attorney (typically representing the buyer and lender), and the buyer’s and seller’s real estate agents. The meeting is typcially held at the closing attorney's office, although there is no legal requirement concerning location.

Typical Buyer Activities

  • Review closing costs and other cash flows documented on the closing statement, typically a standard HUD-1 form.
  • If securing a loan, sign the deed of trust and promissory note, and other lender required documents.
  • Confirm title insurance choices and sign associated documents.
  • Sign all remaining documents.
  • Receive the keys to your new property!1

The closing is the culmination of many weeks (or even months!) of effort. Before attending the meeting, you should become familiar with what will happen and what you'll be signing. The NC Real Estate Commission's Closings Q&A is a helpful reference. And your team is always there to help you understand and succeed in your real estate transaction.

1 - While it is customary to receive the keys at closing, the property is not legally the buyer’s until the closing attorney records the deed(s) at the county courthouse. The closing attorney is required to complete this activity as soon as possible after the closing meeting, preferably the same day or the next business day. In practice, this doesn’t deter many people from moving in right away, but we recommend scheduling the closing meeting such that same day deed recording is possible.