The closing (also called the completion or settlement) is the final step in executing a real estate transaction.
In most jurisdictions, ownership is officially transferred when a deed from the seller is delivered to the buyer.
The closing date is set during the property negotiation phase and is usually several weeks after an offer is formally accepted.
[2] At a high level, the closing typically involves the following parties: the seller, the buyer, real estate agents, attorneys (depending on the state), the mortgage lender, and the settlement agency (also known as a title company).
[3][4] State and regional legislation can greatly impact the closing process, thus it can vary depending on where the property is located.