"Closing" is when the door keys change pockets. It happens when  all terms and conditions of the contract have been met through the escrow process, and both parties have signed final papers. The summary page is called the final "HUD" statement which itemizes the disbursement of funds. The documents then are hand-carried to the county courthouse where they are assigned a "recording number".  It's done.  
SELLER RECEIVES credits for:
Utility deposits held by utility companies, eg. gas, electric
Prorated portion of pre-paid property taxes
Prorated mortgage interest from payments
Fuel rebate for  remaining oil or propane in tanks
Net proceeds after seller's expenses are paid
Broker commissions  (Typically, Seller pays all brokerage fees)
One-half of escrow fee
Document preparation fee
Recording and notary fee
Title insurance to protect Buyer
Local transfer taxes, if any
Excise Tax equal to 1.78% of the sale price
Repairs or inspections seller has agreed to pay for
One-half of escrow fees
Document preparation fees
Recording and notary fees
Title insurance policy
Local transfer taxes, if any
Loan fees
Appraisal fees
Credit report