Finally the day has arrived...you are moving into your new home but first you must go to closing. Closing usually takes place at the Title Company where you purchased your title insurance or at the real estate office of one of the companies representing either the buyer or the seller. A settlement clerk will run the settlement.

At the closing, the buyer will sign the mortgage papers and pay any additional cash needed according the the agreement of sale. The seller will sign over the deed and receive a check for the sales amount minus any expenses attributed to him. This all will be listed on the settlement sheet. There are two sides to a settlement sheet - the buyers side and the sellers side. On each side, credits and debits are listed. This is where the seller is reimbursed for any monies he has prepaid (example: taxes for the year)

Before settlement, the buyer should make a final walk through. He should check to make sure the property is in the same condition as it was when it was purchased. If the property is to be free of furnishings etc., the buyer must check to see that all has been removed. If not, this will have to be addressed at the settlement table. Any disputes can be handled either by having money put in "escrow" to be released only when the disputed item has been resolved or a check can be written by either party at the settlement table.