The “closing” is actually comprised of two separate closings. At the real estate closing you will sign closing documents relating to the transfer of the property. The loan closing takes place after you sign the loan documents. Once all documents are signed, the lender disburses the funds to the closing agent, the seller is paid and title to the home is transferred into your name.
Closing makes many first-time buyers nervous because it seems like a procedure where you sign your life away on a bunch of papers you don’t have time to read. Actually, by the time closing rolls around, the hardest part is truly over. Closing actually feels a little bit giddy and at the end, you have the keys to your new house! You will sign your name 487 times, but if you’ve done everything right up to this point, it will not be stressful. Relax.
The time and date of possession of the property is negotiated on the contract. Upon possession, you can start moving in!