The closing is the time at which the property is formally sold and transferred from the seller to the buyer. It is at this time that the borrower takes on the loan obligations, pays all closing costs, and receives title from the seller. The seller's role at the closing is relatively simple. The seller will have to sign the deed and transfer tax return. The Settlement Statement will itemize the financial part of the transaction and should be reviewed carefully to be sure the seller paid the correct amount. Most of the time at a closing is spent with the buyer reviewing and signing the loan documents. At the conclusion of the closing, the settlement agent will distribute the funds to pay the seller and to pay all the related closings costs.