Depending on what state you are in and where the property is, this might happen in a lawyer's office, a title company, via overnight mail, etc. If the closing is at a title company or lawyer's office, you probably will get your money that day. If the closing is by overnight delivery, money will be sent back overnight or wired to your account when the documents get to the funding source. The document that says you owe money for the property and is recorded at your county clerk's office. It may also be called a deed of trust or trust deed.
Some states have land contracts, which are a little different, but they can be sold.
The note specifies the terms under which the mortgage will be paid. It includes the interest rate, the amount of payments and when they are due, etc. It is not recorded at the county clerk's office. Settlement statement Also called HUD-1 because it often uses a standardized form by that name, it lists all the expenses, legal fees, payments, etc., involved in the sale of the property. Just as an existing mortgage can be sold, a new mortgage can be sold at the same closing as the property sale.