What Happens at a Real Estate Closing?

Closing day is the final step in your real estate transaction. It is the day when ownership of the property officially transfers from the seller to you. Here is what happens and what you should expect.\n\nReviewing the Documents\n\nYou will review and sign a stack of documents at closing. The closing disclosure summarizes the final terms of your loan, including the interest rate, monthly payment, and all closing costs. The promissory note is your promise to repay the loan. The deed of trust or mortgage gives the lender a security interest in the property. The deed transfers ownership from the seller to you.\n\nFinal Figures\n\nBefore you sign, review the final numbers carefully. Your closing costs, down payment, prorated property taxes, and any credits or adjustments will be listed. The escrow officer will explain each charge. Ask questions if anything is unclear.\n\nSigning\n\nYou will sign multiple documents, some electronically and some on paper. Nevada allows electronic signatures for many closing documents, which can speed up the process. Take your time. Read what you are signing. Your agent or the escrow officer can walk through each document with you.\n\nFunds\n\nYou will need to bring your down payment and closing costs to closing. These funds are typically wired to the escrow company a day or two before closing. The escrow officer will confirm receipt before closing begins.\n\nWire Fraud Risk\n\nWire fraud is a real risk in real estate transactions. Criminals may impersonate your escrow officer or agent and send you fraudulent wiring instructions. Always verify wiring instructions by phone using a number you know is correct, not a number from an email. Your agent and escrow officer will remind you of this. Take it seriously.\n\nOwnership Transfers\n\nOnce all documents are signed and funds are distributed, the deed is recorded with the Clark County Recorder's Office. At that moment, ownership officially transfers to you. You receive the keys, and the home is yours.\n\nClosing typically takes 60 to 90 minutes. Your agent will be there to support you. When it is over, you are a homeowner.