Closing is when the home sale becomes final. The closing date is set for a time that allows the buyer to conduct due diligence, such as a home inspection, and the lender to complete the underwriting process, including a home appraisal. At closing, the parties execute the final paperwork, and the buyer typically receives the keys to their new home.
What are Closing Costs? Typical closing costs cover taxes, the appraisal, title search, and loan fees and processing.
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