During the closing several things happen but most importantly, the closing is the moment in which the buyer becomes the owner of the home.  Here is a list of the people involve and roles each person plays during the closing:

• Homebuyer — Becomes the new owner of the home once the required payments and closing transactions are completed.

• Seller — Transfers the house to the homebuyer.

• Real Estate Agent — Helps the homebuyer understand all the documentation to ensure that the contract stipulations are correct and that the closing process goes smoothly.

• Attorney — You may use a real estate attorney to handle the closing transaction to protect your rights as a buyer and to identify any loopholes with the legalities of the contract. In some states, the escrow/closing officer will perform the function of the real estate attorney.

• Escrow/Closing Officer — The escrow/closing officer is a neutral third party who helps both the buyer and seller, ensuring that all documents, inspections, and funds required to close the transaction are completed and received by the appropriate party.

• Title Company — Performs title search for the property. In some cases, the title company can coordinate the closing transactions.

• Lender — Provides the loan package for the buyer.

• Servicer — Organization (usually a lender) that collects your monthly mortgage payments and services your loan.