Short answer
At a cash closing you sign the deed and settlement statement, any mortgage or lien is paid off from the proceeds, transfer tax and other costs are settled, and you receive the balance. The buyer's funds are confirmed by the title company or attorney before you hand over the deed, and the deed is then recorded.
Before closing day
The title company or settlement attorney runs a title search and lists any mortgages, liens or judgments. You ask your lender for a payoff figure. You also finish any paperwork required by your municipality, such as a use and occupancy certificate in places that require one.
You will see a settlement statement before closing. Read it. Every charge should make sense, and the numbers should match your agreement of sale.
What you sign
You sign the deed that transfers ownership, the settlement statement, and any affidavits the title company requires. You do not sign mortgage papers, because there is no lender on the buyer's side. In Pennsylvania the deed is recorded with the county Recorder of Deeds, and the transfer tax is collected when it is filed.
If you are selling as a fiduciary of an estate, trust or guardianship, bring the court or legal documents that show your authority. Pennsylvania's Seller Disclosure Law has a specific exception for fiduciary transfers, so ask your attorney how that applies.
Where the money goes
The settlement agent pays off your mortgage and any liens first. Transfer tax, title charges and other agreed costs come next. The balance goes to you, usually by wire or check. Agree on the delivery method ahead of time. The FTC warns about wire fraud, so confirm bank details by phone using a number you already trust, not one from an email.
Who pays what is set by your agreement. Transfer tax is a joint and several liability of both seller and buyer, so the parties usually decide the split in advance.
After closing
Cancel your homeowners insurance only after you have confirmed that funds were disbursed and the sale is complete. Transfer utilities on the closing date or as agreed. Keep a copy of the final settlement statement and the recorded deed, since you will need them for taxes. The IRS may require reporting of the sale, and the home sale exclusion may reduce or remove tax on the gain if you meet its tests.
Kaizen Home Buyers closes typically in 14 to 30 days, or on your date, and buys as-is with no agent commission. Questions go to 267-329-0084. Talk to a tax professional about your own situation.
Mistakes to avoid at closing
Do not sign blank pages. Do not accept a changed price or new fee at the table without an explanation. Do not leave without copies of what you signed. Verify the wire instructions by phone before any money moves, since the FTC warns about last-minute changes to payment details.
If something on the settlement statement looks wrong, ask the settlement agent to fix it before you sign. A correction before signing is easy. A correction after funds move is not.