We know the property you are buying is insurable and that a title policy is in your best interest. What about CLOSING...what happens at closing?
The Buyer and Seller meet with an escrow officer face-to-face. The real estate agents are there and often the lender is there as well. The Settlement Statement is explained to you. It shows all the costs and revenues associated with the transaction. Its bottom line shows just what the property is costing the Buyer and just how much money the Seller is making on the sale.
The lender's documents are briefly explained and the Buyer gets to sign, sign, and sign some more. The money is collected and disbursed. The Buyer should bring "good funds" to closing—things like cashier's checks and certified checks (not personal checks).
Closing is a key function performed by the title company. We act as a disinterested third party in the transaction. We can collect and hold money pursuant to the contract's and lender's instructions. We maintain a precise record of all money we receive.