It has become the norm for both parties to be present for the closing, but technically, Seller or Buyer can sign their part of the paperwork at different times.  This is a good option for those parties who had a contentious negotiation period where bad feelings may have been raised.  It is also good for those who may not feel it necessary to go over their loan information with other parties present.  It's up to you. 

At the closing table, the attorney will review the HUD Settlement statement with both parties and explain the details.  All parties must sign all copies of this form and receive an original copy.  The Attorney will then, as a representative of the Lender, review all the mortgage documents with you, the Buyer, and obtain your signatures.  There are many pages to sign so bring your favorite pen, make sure your hand is limber and be prepared. 

At this time, the Closing Attorney already has the check from your lender for the purchase of your home.  He will then take your Cashier's Check for your down payment and closing costs.  He will have a check made out to the Seller less any amounts owed to a mortgage company (who gets a separate check for the payoff) and anyone else with claims to the proceeds of the property along with any taxes, fees and charges incurred for closing.  This is the point at which the two real estate agents receive their commission check, deducted from the Seller's proceeds at closing and made out to the each of their Brokerage Firms.

At that point, keys & garage door openers should be passed over and hands are usually shaken and you are officially the owner of this particular home!  Congratulations!

This however, is a generic scenario.  Each transaction in real estate is  different  with it's own levels of complications and drama.  This is why I can't stress enough the importance of having a licensed professional on your side to ensure everything goes smoothly with minimal risk and stress to you.

Real Estate Investing Course