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Ambassador
5,470,726
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

My clients and I get paid, and the buyers get a property.

Dec 27, 2021 10:40 PM
Ambassador
1,924,655
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Hopefully the seller and buyer are smiling because they are so happy they are closing. Keys change hands. Money changes hands. Ahhhh

Dec 27, 2021 06:26 PM
Rainmaker
336,308
Shayne Stone
HomeSmart - Katy, TX
"Your Rock Solid Choice Realtor"

PAYDAY for ALL... Sellers get their Profit, Buyers get their Home, and I get PAID for helping make ALL their DREAMS comes TRUE and make some NEW Friends!!!

Dec 28, 2021 05:42 AM
Rainmaker
904,742
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

The deed and ownership of the property are transferred from seller to buyer. The deed is recorded by our County Recorder. Disbursements are made out of proceeds to whoever is owed payment. And the transaction is closed.

Dec 28, 2021 05:39 AM
Rainmaker
4,273,830
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Documentation is executed, clear title is shown and then the deed is passed for money!

Dec 28, 2021 04:07 AM
Ambassador
3,293,917
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

In AZ it simply means the buyers have signed the final paper work as have the sellers.  The actual 'closing' occurs once it records at the county.  At that point agent will deliver keys to buyer and buyer takes possession of home.

Dec 27, 2021 08:26 PM
Ambassador
4,315,562
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Documents are signed, money is paid for real property, keys are left with the attorney for buyers (if a structure is involved) then, the Deed is recorded.   

Dec 27, 2021 08:11 PM
Rainmaker
2,649,598
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The details? It's like the Matrix. You have to experience it. No one can tell you

Dec 28, 2021 06:20 AM
Rainmaker
6,683,811
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

The financial aspects of the transaction are completed and the documents are executed.

Dec 28, 2021 04:25 AM
Rainmaker
1,255,547
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Monies get accounted for as far as debits and credit, funds get sent, and it is sent out for recordation.  That is, after all paperwork is signed.

Dec 27, 2021 05:43 PM
Ambassador
3,083,408
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

If done correctly and well, sellers get the funds from the sale of their home and the lucky buyer whose offer was accepted gets the keys to their new home. 

All parties are happy dancing. 

This is what happens in Silicon Valley, California. 

Dec 28, 2021 08:28 AM
Rainmaker
1,731,495
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

Usually everyone is happy!

Dec 28, 2021 06:01 AM
Rainmaker
768,074
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Our volunteer time spent on getting everyone to the closing time becomes paid time. 

Dec 28, 2021 05:34 AM
Ambassador
4,610,656
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

It varies by state in terms of the actual process, but ultimately the property legally changes hands from seller to the new and happy buyer who then takes possession!

Dec 27, 2021 07:35 PM
Rainmaker
5,005,876
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

As everyone has said - money is paid to title, money is paid to Seller, keys are exchanged, and REALTORs get paid.   Title records sale.

Dec 28, 2021 06:41 AM
Rainmaker
894,567
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

One party dumps debt while another swaps rent for real debt.
Both parties REJOICE.
Agents pry for testimonials and referrals and harvesting the ripples.
No time to party. The next harvest may be months away.

Dec 28, 2021 06:23 AM
Rainmaker
930,738
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I am guessing that you are a student and this question has been assigned to you by your instructor.

You may find it interesting to know that closings are handled differently in different states according to the local laws and customs.

In the San Francisco Bay Area, the buyers and sellers sign their respective documents, appropriate notarization is done, final funds to cover closing costs and down payment are deposited by the buyers, the loan funds are provided by the lender and the deed is released by the title/escrow company to the county recorder to be recorded…on the next business day. Once recording has taken place, the transaction is finalized, and the escrow has closed. The results are that the property has changed hands and the sellers walk away with whatever funds are due to them. There also other costs and fees which are paid at closing which I have not detailed.

Dec 28, 2021 08:51 AM
Rainmaker
828,052
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Bob Crane said it best! That is what happens when things go smoothly.

Dec 28, 2021 12:31 PM
Rainmaker
759,999
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Unless it is cash, the lender gets a new longtime client, all parties involved get paid and the buyer walks away with keys to a home that will hopefully be a solid investment choice.

Dec 28, 2021 10:29 AM
Rainmaker
561,689
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

Champagne corks pop

Dec 28, 2021 10:22 AM
Ambassador
1,383,552
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

Pretty much nothing up here, lol   The lawyers for both parties have done their job days in advance ie signing, bank instructions, etc.  Buyer's lawyer would have been in possession of keys in advance.  Realtors do not attend!

Dec 28, 2021 09:18 AM
Rainmaker
853,885
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

It depends. It can vary with closings.

Dec 28, 2021 09:07 AM
Rainmaker
654,060
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Title transfers from the seller to buyer.

Dec 29, 2021 07:23 PM
Rainer
277,415
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

sellers hand over the keys, attorney gives sellers a check for equity in house minus the commission which is paid to brokerages.

Dec 28, 2021 03:31 PM
Ambassador
3,044,897
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

in my state buyers get keys (unless contract provides otherwise) and sellers get funded and brokers get paid.

Dec 28, 2021 12:54 PM
Rainer
323,506
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Depends on your state and sometimes area of state. Table funding or escrow...

Escrow state: buyer meets with notary. 150 pages signed. Wires final funds to title company. Everything is checked and balanced. Next day the deal records as long as all the t's are crossed. Usually escrow involved (unless Northern California it's Title)

Table funding: everyone shows up same day, in morning, funds wire, everything signed and notarized, deal records same day after all things are checked and balanced. Usually attorney involved

Dec 28, 2021 11:58 AM