Short Answer
Closing, also called settlement, is the final step where ownership of the home is officially transferred from the seller to the buyer. You will sign a stack of legal documents, including the mortgage note, deed, and closing disclosure. You will wire or bring a cashier's check for your down payment and closing costs. The process takes about one to two hours and is typically held at a title company or attorney's office.
Closing day is the culmination of the home buying process. Here is what typically happens. You will arrive at the closing location with your government-issued ID and any remaining funds in the form of a wire transfer or cashier's check. You will review and sign the closing disclosure, which itemizes the final terms of your loan, your interest rate, monthly payment, and all closing costs. You will sign the mortgage or deed of trust, which is the legal document that gives the lender a security interest in the property. You will sign the promissory note, which is your promise to repay the loan. You will sign the deed, which transfers ownership from the seller to you. You will pay your down payment and closing costs. You will receive the keys to your new home. In New Jersey, closings are often held at a title company or attorney's office. Both the buyer and seller typically attend, along with their attorneys and real estate agents. The process usually takes one to two hours.
Bob's Advice
Redfin Senior Agent · AI Certified Agent
Closing day should be exciting, not stressful. I make sure my clients know exactly what to expect, what documents they will sign, and how much money they need to bring. I attend every closing with my buyers to make sure everything goes smoothly. When you walk out with those keys, I want you to feel confident and excited about your new home. If you have questions about what happens at closing, let us talk through the process step by step.
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