<P> Several things happen during closing: </P> <Ul> <Li> The buyer and / or his / her lender delivers a cheque (generally in the US, a cashier's check or wire transfer) for the balance owed on the purchase price . </Li> <Li> The seller signs the deed over to the buyer and gives it to the buyer . A recorder's office which would record the deed commonly requires the seller's signature to be notarized . If applicable, a mortgage will also be recorded . In jurisdictions that use the Torrens title system, such as New Zealand and Australia, this step involves the lodging of a transfer instrument with the relevant Registrar . </Li> <Li> Commonly, the seller delivers possession to the buyer, typically by giving the buyer keys for any buildings or apartment . Unless otherwise specified in the real estate contract, delivery of possession should be at the closing . </Li> <Li> A title company, lawyer, notary, or the buyer registers the new deed with the local land registry office or recorder's office . A declaration or statement by the buyer or seller regarding the purchase price may have to be filed with the government . Conveyancing taxes and recorder's fee will typically have to be paid, which are part of the closing costs . </Li> <Li> The seller receives a cheque or bank transfer for the proceeds of the sale, less closing costs and mortgage payouts . </Li> <Li> From the funds allotted for closing costs, prepayments for real estate taxes and insurance may be required, and fees charged by other parties may be paid, such as real estate brokers / agents, title companies, lawyers, etc . </Li> </Ul> <Li> The buyer and / or his / her lender delivers a cheque (generally in the US, a cashier's check or wire transfer) for the balance owed on the purchase price . </Li> <Li> The seller signs the deed over to the buyer and gives it to the buyer . A recorder's office which would record the deed commonly requires the seller's signature to be notarized . If applicable, a mortgage will also be recorded . In jurisdictions that use the Torrens title system, such as New Zealand and Australia, this step involves the lodging of a transfer instrument with the relevant Registrar . </Li>

What does closing date mean on a house