The property's closing date is when the seller transfers ownership of the property to the buyer. On this date, all the payments are settled. Such charges include the home's total price with any additional extras included and the commission that the agent you had hired earned. If you hadn't hired an agent, you have to pay the attorney fees.
If you have everything in order before the closing date, the process will be easy without any issues. If you have an agent, they will handle this for you. But this is something you can do yourself if you are selling the home individually.
Schedule a date only after you ensure you have everything required. Allow for extra time as the closing process can take anything from one hour to five hours if there will be any arising issues during the closing process. Enquire from the buyer if they also have everything required before you schedule a date.
Scheduling the closing on the last days of the month saves the buyer on interest for that month but don't do it if you and the buyer don't have everything you need. You might end up closing at the beginning of the next month, which changes the amount of interest incurred.
If you had agreed upon something with the buyer, let them have a final walk-through and inspect the home one last time. If you don't allow this and the buyer has troubles in the home, they might sue you for it if you didn't do what you agreed upon or you did it wrongly.
Bring all paperwork that includes the contract the buyer signed, property title, and the appraisal report. The title is proof that you don't owe any taxes as the previous homeowner.
Do not handle the closing yourself unless you are a lawyer. if you have an agent, they should also be present during the closing. I attend every closing with every client, just to make 100% sure that the documents are correct, and the transfer happens according to the agreement.
If you sold the home yourself, you might want to bring an attorney with you. The attorney must have specialized in real estate law. A settlement agent might be used in case of the absence of an attorney.
You have to include something that shows the sale price of the property and everything else involved. Suppose the deal was done through a sale by the owner. In that case, it means that you'll pay or split escrow charges with the buyer, and the transaction fee is deducted separately from other charges.
After everything checks out and you sign the paperwork, you'll receive a check with the agreed-upon costs deducted. The new owner now has full access to the property as soon as the deed ise filed with the recorders office. This is done by the title agent or the attorney.