Glossary

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Closing
For the home buyer, the real estate closing is the final step into home ownership. There are usually many documents to sign, depending the type of mortgage. A cash purchase will require quite a bit less documentation. The closing agent will explain each document prior to signing and issue a copy to the buyer. The closing statement will be explained in detail so that no amount should go unaccounted for in the deal. This is the day that all money is due and payable in a cashier's check, in most cases. For the seller, the closing is payday. There are not as many documents for the seller to sign. The closing agent will explain the closing statement and answer any questions the seller may have. Generally, the closing agent will issue a check to the seller. In some cases, the seller may ask that the funds be wired or direct deposited into their bank account.