Closings can occur in as little as three weeks on occasion, but more realistically a closing date will be set between four and eight weeks after the contract is signed. The need for the buyer to negotiate and confirm financing usually takes the closing towards the end of this range.

Closing, or "settlement" as it is also known, is essentially a meeting where the closing agent (the party who conducts settlement) takes in money from the buyers, pays out money to the owner and makes sure that the purchaser's title is properly recorded in local records along with any mortgage liens.

Closing is also the time when "adjustments" will be made. For instance, suppose you've pre-paid taxes four months in advance. In this case, the closing agent will compensate you for the prepayment at closing by having the buyer pay you additional money. It could also work in reverse. If you are behind on property taxes, the closing agent will reduce the money due to you at settlement by the amount of the unpaid taxes.

It's important to look at the sale agreement and review your obligations. For instance, if you have agreed to paint a room or replace the dishwasher, such work must be completed before closing.

Shortly before the closing date you will be given a HUD1 Settlement Statement to examine. This contains all the calculations that were used to produce the 'bottom line' - the amount due from the buyer at closing, and the amount due to the seller at closing.