Finalizing the purchase of a home -- called "closing" -- is often done electronically, and both parties are not required to be present at the same time to sign documents.

Closings usually take about 30 days to complete. This can vary, and depends on the buyer's financing, successful completion of home inspection, and the completion of various lender conditions such as title search, title insurance, termite inspections, surveys and appraisals.

The closing process is the transfer of the title of the property from the buyer to the seller. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property. The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes and any additional closing costs. All legal papers are filed with the local record office.

It is this step where the buyers and sellers do very little. It is important as the seller to take a final walk through the property to make sure the property's condition has not changed. It is equally important for both the buyer and seller to make sure the paperwork they are signing reflects the agreement of the original sale.