Closing

Closing is frequently used to describe closing of all transactions involved with the sale of real estate.  In some states the term closing refers to the recording of all the records of the transaction at the county office.  In other states, the closing is a meeting where all of the paperwork is signed and money is exchanged.  Typical participants at a closing include attorneys, the party buying the home and the persons selling the home.  Real estate agents may also attend a closing.

There are a number of fees and other monies that are due at the time of a closing.  These costs are referred to as closing costs and can be 3 - 5% of the mortgage amount.