What Is “Closing On A House”?

Closing is the last step in buying a house.

Closing is an event. It's when paperwork is signed, the money changes hands, and house gets conveyed from the seller to you - the buyer!

Closings typically occur in a real estate agent’s office, or at a local title company. You attend with your real estate agent and whomever else you want to have with you.

A notary will be present in-person or by video to officiate the transaction.

You'll be asked to you have two items with you:

  1. Photo identification
  2. A cashiers check or proof of wire of your monies due

Then, you'll sign boilerplate documents which convey the property to you; and, affirm that you haven't made false statements to your lender. You may be asked to sign by hand, or electronically - both are common and legal.

Once you're done signing, the officiant will look for errors and omissions. If none are found, the officiant will confirm your balance due, release your lender’s money to the seller, and await confirmation that the seller is in receipt.

After that, your closing is complete! You get your keys and go home to your new house.

Closing can finish in as few as 15 minutes, but can extend for hours when buyers ask questions or mistakes are found. Most home buyers get their keys within an hour.

Ask us your closing question in the chat.

Dan Green

Dan Green is a former mortgage loan officer and an industry expert. He's appeared on NPR and CNBC, and in The Wall Street Journal, Bloomberg, and dozens of local newspapers. Dan has helped millions of first-time home buyers get educated on mortgages, real estate, and personal finance. Have mortgage questions? Ask Dan in the chat.

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