This is the final stage where ownership is legally transferred from the seller to the buyer.
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Final Walk-Through: The buyer conducts a final visit to the property, typically within 24 hours of closing, to verify its condition and that any agreed-upon repairs were completed.
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Signing Closing Documents: The buyer signs the final loan and title documents. The seller signs the deed and other transfer paperwork.
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Funding: The buyer’s lender wires the loan funds to the escrow or title company.
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Recording: The local county recorder’s office officially records the new deed, transferring legal ownership to the buyer.
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Key Exchange & Possession: Once the transaction is recorded and funds have cleared, the agent provides the keys to the new homeowner. The seller must have vacated the property by the time specified in the contract.
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Disbursement: The escrow holder pays out all parties, including the seller’s proceeds, real estate commissions, and other closing costs.