The closing
is the meeting between the buyer and the seller, at which time
all remaining documents relating to the sale are signed. The deed
to the house is transferred from the seller to the buyer. Title
insurance is paid, the mortgage papers are signed by the buyer,
and possible transfer taxes are paid to the state. In addition,
the buyer will pay the seller for any miscellaneous expenses, such
as appliances or furniture that had been previously agreed upon,
the remaining oil in the oil tank, or any real estate taxes that
the seller had prepaid.
