Closing

Closing, also known as settlement, is the finalization in the sale of a home. The property is transferred from the seller to the buyer, and the seller receives the money from the sale. On the closing date, all contracts are signed, all closing costs are paid, and the buyer will receive the keys to the home.

In Massachusetts, you should receive your keys once you finish signing the paperwork, on the closing date.

In other areas of the country, you may sign paperwork a few days before the closing date, during a signing appointment. During the next 2-3 days, the paperwork from the signing appointment is recorded with the local government and the seller confirms receipt of the money from the sale. The buyer then receives the keys on the closing date.

You'll sign all the necessary paperwork on your closing date. You'll also need to deposit your down payment and any closing costs, usually by a wire transfer or a cashier's check. To be safe, you should have all of your down payment and closing cost funds ready to deposit at least one day before your closing date. Once everything is signed, you'll receive the keys to your home.

It may take another day or two for the sale to be recorded with the county, but in Massachusetts, the keys should be handed over on the closing date, and you'll officially own the home.

Yes! You can move in right away, unless you've made other arrangements with the seller. If the seller has asked for extra time in the home (in order to finish moving, for example), that should be spelled out in the contract. Usually, the new home owner will receive rent from the former owner for any extra time that the former owner stays in the home after the sale.