Breath holding.

Laughing.

Crying.

Threatening.

Exhaling.

It's a thrill ride!

Then drinking! Best part

Exchange of goods and services.

ie, keys for cash.

Can take an hour or more. Borrowers bring current ID. They sign 100 times if getting a loan. The notary thumbprints them. In wet funding states everything happens on that day -money wired, lender funds, deal records so every number is already reviewed before this day

In dry funding states the Borrower signs in the morning and may run to the bank to wire but it is recorded on following working day. 

Deal is buttoned down done

Everything is signed, sealed & delivered!

Then, we CELEBRATE!

Pay Day!!!

hopefully no assaults, no screaming, lots of paper shuffling.

The transaction is done, signed, sealed and delivery of check.  A

Some get paid others get keys!

Buyers and sellers sign all appropriate paperwork, including deed, loan documents, recording escrow instructions and much more. The lender sends the loan funds. The buyers deposit the rest of their down payment. All of that happens on day 1. On day 2, the deed records, the transaction closes, escrow closes, the property changes hands money is dispersed to the pertinent parties.

Settlements are made and transactions closed.

Papers pass and the deed is recorded....the commissions are paid after the property closes.... yay

Alot of great answers.  I will stand will John Juarez answer!

Hopefully, the settlement takes place. That is when the transaction is completed.

A property passes from one owner to another.

You have many great answers here.  Good luck with your studies. 

The title changes hands Dominique Needham 

Lots of paper signing then exchange of keys to smiling shell shocked buyers then PAY DAY

Ask your instructor. He is lazy

If everyone signs you get paid!

I think you are getting ahead of yourself. There are other things to learn first.

Rotate you photo first.

The owners possess the property after recording. Getting close...

Things and understanding get turned 'right side up' in your case or upside down for those who were not well represented.

It really gets exciting when the title agent hands to buyer a check from money from the owner. The owner is livid because the owner thought the PROFESSIONAL FEES paid were to compensate the brokers involved. NOT to pay the buyer!!

HINT: don't allow buyer and seller to close at the same time.

My favoirte day, here in NH the buyer and seller sit at the closing table. All cosing docs are signed, the buyer hands over their funds. The closer goes back and records the sale electrinically. The sale is considered closed and the seller gets their proceedsand the buyer gets the keys

Sometimes the buyer has kids on board climbing the wall of legal book shelves and had one with house keys stuck in an electrical outlet that blew the circuit. More than slide the check this direction happens at a real estate closing.

Lots and lots of signatures and hopefully, lots and lots of smiles. 

Documents are signed and funds are transferred.

Sellers signs some papers.  If there is a loan the buyer signs more papers.  The agents sit there and drink a free coke or a cup of coffee.  If all is in order funds are released.  Agents get paid.

I am with Ron and Alexandra Seigel 

Bueyrs get keys, sellers get money! 

It might be worth you while to go into a local real estate office and ask some professionals these questions... face-to-face.  You're far less likely to get glib and sarcastic responses.

Fights, yelling, screaming, attempst to extort $, etc. you should ask " What is suppose to happen at a settlement or closing?

We don't have settlements here.  Escrow handles it all, buyer and seller never meet and title records the deed.

I wish you all the best with your real estate studies.

The world goes upside down.

Lots of documents are signed - often mortgages, deeds, notes, other exchanges. Buyer gets a house and a loan, seller pays off a mortgage and gets some money out of his home.

The deed is exchanged for dough!