At the settlement will be an attorney or title company representative, the buyer, listing and selling brokers and all owners. The attorney will have searched the title, and obtained old and new lender instructions. First, all unresolved walk-through deficiencies are resolved. With the buyer the attorney explains the deed of trust, deed of trust note, and settlement sheets.
Buyer signs all three, and pays the balance of the down payment and buyer's closing costs.
With the seller the attorney explains the deed and settlement sheets and gets the home seller's signature on them. Seller pays appropriate closing costs. Additionally, the seller will be reimbursed for any money paid in advance and not used, such as property taxes. The seller will receive these refunds at or after settlement, depending on the locality. Taxes and homeowner's dues or condominium fees will be prorated on a daily basis.