Before closing

   In the days just prior to closing, the Buyer should be sure he understands all of the conditions of the sale and loan, and be able to confirm that they have been met. And importantly, confirm the closing date. 

Closing meeting

   The closing agent will review the settlement with the Buyer and The Seller, along with evidence that any legal requirements, such as insurance and inspections, have been met. Once everyone agrees that everything is in order, and the closing costs are paid by the Buyer and, if negotiated, the Seller, the papers are signed and the keys turned over to the Buyer. Once the deed is recorded with the National Registry, new ownership  of the property is assumed.

Closing costs

Typically, closing costs are three to six percent of the sales price.  There are fees such as insurance on the title to the home,  taxes,  transfer costs,  attorney fees  (if necessary)  and

hazard insurance. The Buyer may also be required to prepay an up-front reserve account of tax and insurance payments to ensure that there are sufficient funds in his account to meet these obligations when they are due. In some cases, the Seller will agree to pay closing costs — that is one of those negotiable details.

The Closing Documents

At closing you will get:

• A HUD-1 Settlement Statement, listing all the services and charges to you and the seller. You may review this form on the business day before closing. 
• A Truth-in-Lending (TIL) statement. You will receive this within three days of applying for the loan. It details the actual cost of the mortgage. 
• The mortgage note itself. This is your promise to repay the loan, as agreed.
• The deed. Signed only by the seller at closing, it transfers ownership of the property. At first, you may only get a copy; when the actual deed is recorded with the county listing you as the new owner, it will be mailed to you.
• Any other affidavits. For example, an affidavit may state that you will use the property as your principal residence.