Closing on a house is the final step of the homebuying transaction. It is the day when the ownership of the property is transferred to the buyer, and the seller receives the payment for the property. Here are some things to know about closing on a house:

• Payment: All outstanding fees listed in the closing disclosure are paid, and the escrow funds are cleared to be delivered to the seller. The buyer is responsible for paying the closing costs, which include fees for the mortgage loan, title search, title insurance, and other expenses.

• Documents: The buyer and seller sign documents to transfer ownership of the property. The buyer signs the mortgage loan, and the title company registers the title deed to the property in the buyers name.

• Preparation: Prior to closing, the buyer should review all of the documents they will be signing, make sure all of their paperwork is in order, the utilities are turned on, and that their money is accessible to complete the purchase. The buyer should also estimate purchasing costs to avoid coming up short.

• Location: The closing will most likely take place at the attorney’s office of either the buyer or the seller, or at the local Registry of Deeds office pertaining to the new home’s address.

• Time: Closing on a house can take from a week to 60 days, depending on the property type and whether the buyer is paying cash or financing the purchase. Typically, it takes 30 to 45 days to close on a house, depending on a few factors like how fast it takes to get a home inspection and whether or not the buyer is pre-approved for a mortgage.

• Ownership: On closing day, the ownership of the property is transferred to the buyer, and the buyer receives the keys to their new home.

In summary, closing on a house is the final step of the homebuying transaction where the buyer and seller sign documents to transfer ownership of the property, and the buyer pays the closing costs. Prior to closing, the buyer should review all of the documents they will be signing, estimate purchasing costs, and make sure their paperwork is in order. The closing typically takes place at the attorney’s office of either the buyer or the seller, and the ownership of the property is transferred to the buyer on closing day.