The video discusses who typically schedules the closing for a real estate transaction and what factors impact the timeline. While any party involved in the transaction can suggest a closing date, the buyer's lender often drives the timeline due to federal regulations requiring a minimum review period for documents. The timing of the lender's readiness, the review period, and the expiration of the purchase agreement all play a role in the closing timeline, which can take up to 60 days. The video emphasizes the importance of considering the ripple effect on all parties and the transaction's impact on future transactions, particularly in cases involving split closings or other title companies.