The term "closing" refers to the moment when the buyer takes title to the property and the seller gets paid the proceeds from the sale.  Closings are handled in different ways in different areas of the country -- differences exist even within states.  You may work with an escrow agent who has you sign all of the documents two or three days prior to closing.  You may work with an attorney who has all of the parties meet in her conference room to sign all of the documents at the same time.  Regardless, a fully informed buyer or seller should know about the role of an escrow agent, the nature of title insurance, and the importance of the closing date.