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What Happens at Closing? On closing day, the ownership of the property is transferred to you, the buyer. This day consists of transferring funds from escrow, providing mortgage and title fees, and updating the deed of the house to your name.

What are the 4 steps in the closing process? Close revenue accounts to Income Summary. Income Summary is a temporary account used during the closing process.Close expense accounts to Income Summary.Close Income Summary to Retained Earnings.Close dividends to Retained Earnings.

A closing statement is a form used in a real estate transaction that includes an itemized list of all the buying or selling costs associated with that transaction.

At closing, you'll sign the mortgage loan documents, the seller will execute the deed to the property, funds will be collected and disbursed, and the closing agent will record the necessary instruments to give you legal ownership of the property.

You'll also want to keep the original documents in a safe place, as you might need to provide them when you later sell the house, have to make an insurance claim, or are in another situation where you need to prove ownership. The most important originals are the purchase agreement, deed, and deed of trust or mortgage.

At your home closing, you'll receive a pile of documents. Fortunately, much of it is ?boilerplate? paperwork you can skim. It's smart to get your final documents a few days before closing and review them at home without pressure.

Store a copy of each of your mortgage statements for a few years to make sure all of your payments are accurate and accounted for. Keep your personal copy of your deed, promissory note and Closing Disclosure for as long as you have your loan.