Closing — also called settlement, completion, or escrow closing depending on your region — is the final step in a real estate transaction where ownership of the property legally transfers from seller to buyer. It is the culmination of weeks or months of preparation: negotiations, inspections, appraisals, loan processing, and title searches all lead to this moment. At closing, all documents are signed, all funds are exchanged, and the deed is recorded with the county — making the buyer the legal owner. Learn the full process in our closing guide.
The closing process is overseen by a settlement agent — typically from the title company — who serves as a neutral third party responsible for ensuring all conditions of the purchase agreement are met. The agent prepares or reviews all closing documents, calculates the final figures, collects and disburses funds, and coordinates the recording of documents. Key documents signed at closing include the deed, mortgage or deed of trust, promissory note, closing disclosure, and various affidavits.
The financial aspect of closing involves collecting the buyer's cash to close (typically via wire transfer), receiving the lender's loan funds, paying off the seller's existing mortgage, distributing the seller's net proceeds, paying real estate commissions, remitting transfer taxes and documentary stamps, and disbursing all other fees. The settlement agent must account for every dollar and ensure all parties receive the correct amounts.
Closing costs for both parties typically range from 2% to 5% of the purchase price. Buyer costs include lender fees, title insurance premiums, prepaid items, and recording fees. Seller costs include transfer taxes, commission, and any agreed-upon credits or repairs. All costs are itemized on the closing disclosure.
Beycome Title specializes in fully remote closings — a modern approach that eliminates the need for everyone to gather in a conference room. All documents are available through our secure online portal. You review them at your convenience, sign electronically via a video conference with a certified notary, and your dedicated closing coordinator manages every detail from contract to keys. Our flat-fee pricing starts at just $199 in Florida and $379 in Texas. Calculate your closing costs or get your free quote to experience the Beycome Title difference.