Buyer Step 25: Settlement and Closing

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Real Estate

Step 25 to Buying a Home: Settlement and Closing


Often the terms Settlement and Closing are used interchangeable, but they are technically different. Settlement is where the parties to the contract sign all the documents needed to transfer the property from the Sellers to the Buyers, and brought whatever funds they were required to the table. This happens at the title company for each side. 

A few important reminders for closing:

1. Bring your photo ID with you (ideally a driver’s license or passport)
2. Bring your checkbook (just in case)
3. Bring copies of your earnest money receipts and wire transfer receipt for the deposit and closing costs

Settlement takes approximately 2 hours, however, it can be as short as an hour or up to 4.5 hours if there are problems. On average, expect to be finished in 2 – 2.5 hours.

Click here for an explanation of what the Closing Disclosure is as well as tips for understanding it


Closing takes place when three things have happened: all the relevant documents have been signed (See Settlement above), the proceeds of any loan have been delivered to the Escrow agent, and the new deed has been recorded at the County Recorder's Office. 

Possession will happen according to the terms of your contract--most often, upon recording. Once I have been notified that the new deed has been recorded, and the relevant time period has elapsed, I will meet you at your new home with the keys.

Congratulations! You are now a new home owner!

Questions? Call 801-734-5819 or email