Closing
The final step of a real estate purchase or refinance where loan documents are signed and ownership or lien position transfers.
Closing, also called settlement, is the meeting (in person or remote) where the borrower signs the note, mortgage or deed of trust, and a stack of disclosures, while the seller signs the deed transferring ownership. Funds move, documents are notarized, and the new ownership and lien positions are recorded with the county.
Most purchase closings take 30–45 minutes if everyone is prepared. Refinance closings are usually shorter. You'll want to bring a government-issued photo ID, and for purchases, evidence that your cash to close has wired in.
Closings can happen at a title company, an attorney's office, a real estate office, or, increasingly, via remote online notarization from your kitchen table, depending on state law and lender support.
Related terms
Other terms you'll see alongside Closing
The five-page final-numbers document a lender must deliver to the borrower at least three business days before closing.
The collection of fees and prepaid items, separate from the down payment, that a borrower pays at closing.
The fees paid to the title company or attorney handling the closing, including title services and recording.
The total amount of money the borrower must bring to the closing table in certified funds.
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