What happens at a Real Estate Closing?
The closing is the meeting where actual ownership of the property is transferred from one party to the other. In most cases, the closing is handled by the title company. In Wisconsin, sellers need to provide evidence of marketable title at the time of the sale, and title insurance is often the most economical way to achieve this. Closings are most often held at the title company’s office or that of the buyer’s lender.
Typically, the seller does not attend the closing. The sellers will usually sign all necessary paperwork 1-3 days before the closing. The original, signed documents are either held by the title company closing agent or by the seller’s Realtor until the time of the closing.
Many documents are signed at the closing, including:
• The deed to the property
• HUD Settlement statements showing the flow of money
• Realtor closing statements (a simplified version of the HUD)
• Water and sewer escrow agreement (if served by municipal water)
• Owner’s Affidavit stating that there are no additional liens against the property
Buyers also sign a number of documents relating to their new mortgage. The title company and any Realtors involved are often paid at the closing for their services.
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