The sale is formally ended at the closing table. In most transaction, the
closing lasts less than an hour and often occurs at the title company office.
Your REALTOR® and the buyer's agent may be present, and a title company
officer or escrow agent will preside.
The sale actually consists of two transactions: 1) transferring the property
to the buyer and 2) paying off the existing mortgage on your home (or allowing
the buyer to assume your mortgage). To transfer the property, the title
company will present documents proving that you have the title. Proceeds of
the sale may be disbursed at closing or shortly thereafter, once all paperwork
and verifications has been processed. When you give your house key to the new
owners, the sale is completed.