As your real estate closing approaches, you will have already checked off major milestones in the home buying or selling process. You will have already reviewed the home and made an offer. Your inspections should be completed, and all disclosure should have previously been received and reviewed. If the purchase requires financing, you will have already completed the mortgage application process. Now, it is time to finalize the sale.

While many steps in the home buying process are handled separately, the two parties typically sit down at one table at closing. Of course, it is possible to have legal representation stand in for you if necessary. The final amount owed to the seller is set before the closing is scheduled.

Typically, a final walkthrough of your dream property is done within days or hours of closing. This walkthrough is designed to ensure that home or cabin is in the same condition it was at the time the sale was agreed to, and to determine that no new issues have come up. However, not every contract allows for a final walkthrough. This is an important point of consideration that should be discussed with your real estate closing attorney.

At the closing, a variety of paperwork is signed by both parties. These final closing documents formalize the sale of the property as well as any loan required to complete the purchase. After the paperwork is completed, the buyer pays any funds owed, typically in the form of a down payment. In most transactions, a mortgage lender will pay the remaining balance after the down payment.

Once payment is made, the cabin buyer is typically handed the keys on the spot. The deed that was executed at the closing is then filed with the appropriate government entity in order to record the transaction. This step is critical, as unrecorded deeds can lead to enormous legal headaches in the future. At this point, the buyer is now the new owner and can take possession of the home.