Closing

The term Closing is frequently used to describe the "closing" of all transactions involved with the sale of real estate.  In some states, the term closing refers to the recording of real estate information at the county office.  In other states, the closing is a meeting where 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, which are due at the time of a closing.  These costs are referred to as closing costs, and can be 3 to 5% of the mortgage amount.