What does the closing process involve the buyer doing?

The closing process, often referred to as settlement, primarily involves the transfer of ownership and the financial transactions necessary to finalize the sale of a property. This typically culminates in the buyer paying for the property, which is a critical step to ensure that the seller receives compensation for the asset being transferred. This payment is usually made through a closing statement, where various financial obligations are detailed and settled before the property title is officially handed over to the buyer.

While negotiating terms, inspecting the property, and signing contracts are essential steps in the real estate transaction process, they are generally completed prior to the closing. The buyer may negotiate terms and inspect the property during the due diligence phase, and contracts are often signed before the actual closing date. However, paying for the property is the definitive action that finalizes the transaction and represents the completion of the closing process.