What Happens During Closing?

Closing is the final step where everything becomes official. It’s when ownership transfers from the seller to you, and you finally get the keys.

Here’s a simple breakdown of what actually happens:

🧾 Final Document Review & Signing

This is where all agreements are finalized.

You’ll sign:

• Deed of Sale (transfer of ownership)

• Loan or mortgage documents

• Disclosure forms

👉 Take your time. Don’t rush through documents.

💰 Payment of Remaining Balance & Fees

You’ll settle all financial obligations.

This includes:

• Remaining down payment (if any)

• Closing costs and taxes

• Loan release (if financed)

👉 Payments are usually done via bank transfer or manager’s check.

🏦 Loan Release (If Applicable)

If you’re using a loan, the bank will release funds to the seller.

What happens:

• Bank verifies documents

• Loan amount is transferred

• Seller receives payment

👉 This step can take a few days depending on the bank.

🏛️ Transfer of Title & Registration

Ownership is legally transferred to your name.

Process:

• Documents submitted to the Registry of Deeds

• Taxes and fees recorded

• New title issued under your name

👉 This may take weeks to months, but ownership is already yours after closing.

🔑 Key Handover & Possession

This is the moment everyone looks forward to.

You’ll receive:

• House keys

• Access cards (for condos)

• Property documents copies

👉 You can now move in or start renovations.

📋 Final Checks Before Closing (Don’t Skip)

Before signing, make sure:

• Property condition matches what was agreed

• No unpaid dues (taxes, utilities, HOA)

• All documents are complete and accurate

👉 A final walkthrough is highly recommended.

⏳ How Long Does Closing Take?

• Cash purchase: 1–4 weeks

• Bank or PAG-IBIG loan: 1–3 months (or more)

💡 Final Thought

Closing is not just paperwork, it’s the moment your investment becomes real.

👉 Once done, you officially own the property.

👉 Everything before this is preparation, this is the finish line.