The property is officially transferred from the seller to you at "Closing" or "Funding".
At closing, the ownership of the property is officially transferred from the seller to you. This may involve you, the seller, real estate agents, your attorney, the lender’s attorney, title or escrow firm representatives, clerks, secretaries, and other staff. You can have an attorney represent you if you can't attend the closing meeting, i.e., if you’re out-of-state. Closing can take anywhere from 1-hour to several hours depending on contingency clauses in the purchase offer, or any escrow accounts needing to be set up.
Prior to closing you should have a final inspection, or "walk-through" to insure requested repairs were performed, and items agreed to remain with the house are still present, such as window covering, lighting fixtures, appliances, etc.
In most states the settlement is completed by a Title Company or Escrow Firm to which you forward all documents and funding that is required at closing, including the appropriate WIRE or CASHIER CHECK. The Title Company or Escrow Firm will make the necessary disbursements to all parties to the transaction. Their representative will deliver closing proceeds to the seller, and give the keys to you.
On a refinance transaction, the Title Company or Escrow Firm will disburse your pay-off(s) and file your new mortgage according to the terms of your new mortgage loan. This is done on the day of disbursement and after any right of recission period that is applicable has passed.
Bank Wire Fraud is a serious problem. ALWAYS obtain WIRE instructions directly from your title company closing agent and ALWAYS call them to verbally confirm that the instructions (routing and account numbers) you have are indeed correct BEFORE sending them wired funds!