https://stream.echo6.co/videos/watch/08a03a81-285d-408a-9333-560641270440 First-time homebuyers sit through the final phase of a real estate transaction: the closing. SUBSCRIBE to This Old House: http://bit.ly/SubscribeThisOldHouse. What is a Closing? A closing is the final phase of a real estate transaction. The buyers will sign several documents at the closing before they hand their check over. When it’s done, they get the keys to the house and are now the new owners. It’s a Long Meeting The average closing is about two hours long. For that reason, real estate agents often suggest that their clients eat something before heading into their closing. Otherwise, their clients may feel grumpy and find the process to be unbearable. There Are a LOT of Papers to Sign There are a lot of important documents that need to be signed. This includes: Promissory Note – Your legal promise to repay the mortgage Mortgage (or Deed of Trust) – Secures the loan against the property Closing Disclosure (CD) – Final summary of loan terms and costs Initial Escrow Disclosure – Explains taxes/insurance escrow payments Loan Application (final version) – Confirms details you originally submitted Deed – Transfers ownership from the seller to you Title Affidavit – Confirms seller has clear ownership Settlement Statement (ALTA Statement) – Line-by-line closing costs breakdown Proration Agreements – Adjusts taxes, utilities, HOA dues, etc. Receipt of Funds – Confirms your down payment and closing funds IRS Form W-9 – Confirms your taxpayer information IRS Form 1099-S (sometimes) – Reports sale proceeds (seller-focused) Occupancy Affidavit – States whether the home is your primary residence Proof of Homeowners Insurance Flood Hazard Acknowledgment (if applicable) Survey Acknowledgment (sometimes) HOA agreements Even that list is not exhaustive. You’ll spend the majority of the time listening to what each document is and then signing on dotted lines. When It’s Over, the House is Yours By the end of the closing, the new buyers receive a copy of the deed and set of keys to the home. It’s their property at that point, and they can choose to renovate the home, move in that night, or take their time transitioning to their new house. Looking for more step by step guidance on how to complete projects around the house? Join This Old House Insider to stream over 1,000 episodes commercial-free: https://bit.ly/2GPiYbH Want weekly tips, project guides, and behind-the-scenes content from the TOH crew? Sign up for our free newsletter here: https://www.thisoldhouse.com/pages/newsletters Plus, download our FREE app for full-episode streaming to your connected TV, phone or tablet: https://www.thisoldhouse.com/pages/streaming-app Follow This First House: Official website: www.thisfirsthouse.com Facebook: http://bit.ly/ThisOldHouseFB Twitter: http://bit.ly/ThisOldHouseTwitter Pinterest: http://bit.ly/ThisOldHousePinterest Instagram: @thisfirsthouseofficial TikTok: @thisfirsthouse Closing on a Home Purchase | This First House https://www.youtube.com/user/thisoldhouse/ Wed, 10 Jun 2026 08:41:07 GMT https://validator.w3.org/feed/docs/rss2.html PeerTube - https://stream.echo6.co https://stream.echo6.co/client/assets/images/icons/icon-512x512.png https://stream.echo6.co/videos/watch/08a03a81-285d-408a-9333-560641270440 All rights reserved, unless otherwise specified in the terms specified at https://stream.echo6.co/about and potential licenses granted by each content's rightholder.