Settlement vs. Closing: Buying in Pennsylvania and New Jersey
Back
Settlement and closing are the same final step, the moment ownership transfers and you get the keys. Pennsylvania calls it settlement. New Jersey calls it closing. The path to that day differs between the two states in a few important ways.
Pennsylvania: the agreement of sale
In Pennsylvania, buyers and sellers typically sign a standard agreement of sale, then work through inspections, financing and title before settlement with a title company.
New Jersey: attorney review
In New Jersey, a signed contract usually enters a short attorney review period, during which either side’s attorney can propose changes or cancel. Most buyers and sellers work with a real estate attorney through closing.
Why one agent for both states helps
If you are weighing Center City against Haddonfield or Collingswood, working with an agent licensed in both Pennsylvania and New Jersey keeps the process consistent and the comparison honest.
