The day before closing, be sure to gather all of the paperwork you have received throughout the home-buying process (good faith estimate, contract, proof of title search, private mortgage insurance, home appraisal and inspection reports, etc.). You may need to refer to these documents at the actual closing.



Most contracts entitle you to a walk-through inspection of the property 24 hours before closing. This is to ensure that the seller has vacated the property and left it in the condition specified in the sales contract. If there are any major problems, you can ask to delay the closing or request that the seller deposit money into an escrow account to cover any necessary expenses.

The Buyer's Responsibilities

At closing, your will be required to:

Sign legal documents - These fall into two categories: the agreement between you and your lender regarding the terms and conditions of the mortgage, and the agreement between you and the seller transferring ownership of the property. Be sure to read all documents carefully before signing them, and do not sign forms with blank lines or spaces.

Pay closing costs and escrow items - Borrowers handle the numerous fees associated with obtaining a mortgage and transferring property ownership in one of two ways. First, they either roll them into the principal balance of the new loan or agree to pay higher interest rates and have their lenders foot the bill. Second, some home buyers may be required to pay these out-of-pocket fees.

The Actual Closing

Although closing procedures vary from state to state, the following parties will generally be present at the closing or settlement meeting:

- Closing agent, who may work for the lender or the title company.

-Attorney: The closing agent may also be an attorney representing you or the lender. Both sides may have attorneys. You may or may not want to have an attorney present, depending on how comfortable you are with the mortgage provider or lending process.

-Title company representative to provide written evidence of the ownership of the property.

-Home seller.

-The seller's real estate agent.

-The borrower of the mortgage (you).

-The lender of the mortgage.

The closing agent conducts the settlement meeting and makes sure that all documents are signed and recorded and that closing fees and escrow payments are paid and properly distributed.

Once you've reviewed and signed all closing documents, you will get your new house keys and the house will officially be yours.

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