What Happens at a Real Estate Closing?

Besides piles of paper and countless signatures, what's the real estate closing process about?

Savvy Homebuying

You've found your dream home, made your offer and secured your mortgage. Now that closing day has arrived, here's what to expect.

What's a closing, anyway?

A real estate closing or “settlement” is the final step in a real estate transaction. It's when ownership is legally transferred from the seller to the buyer. To put it more simply, you give the settlement company a check, and they hand you a set of keys.

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When and where does it happen?

At Ryan Homes, you don't settle until your house is built and your final walk-through has taken place, to make sure everything has been properly completed. Closings generally take place in the offices of a settlement company (or, if you're not buying from Ryan, sometimes it takes place at an attorney's office). Although a closing shouldn't take more than an hour, give yourself plenty of time—after all, this is an important day.

What should you bring?

When you buy from Ryan Homes, we prepare most of the documents that you'll sign at closing. We gather your tax and insurance information, share the preliminary closing figures with you, and will tell you the amount of money you'll need to bring (in the form of a cashier's check).

What will you have to sign?

There's no question about it, you're going to leave the closing with tons of paper. The most important item will be the settlement statement with all the real estate closing costs—and any changes or credits—pertaining to your home. Your settlement agent will review the process with you and explain any other legal documents that need to be signed. Feel free to take the time to review each item, double check the numbers and ask questions.

Ryan Homes Tip: Want to know how the financing process on a Ryan Home totally plays out? Get the start-to-finish details here.