Closing Documents You Receive
You will receive a number of important documents at the closing meeting. Review this list of documents before you go to the closing table, so that you will be prepared for the documents that you will receive.

        Hud-1 Settlement Statement
        Truth-in-lending (TIL) Statement
        The Mortgage
        Affidavits
        The Deed
        The Note

What Happens at Closing
The closing meeting is where ownership of the home is officially transferred from the seller to you. Your closing agent coordinates all of the document signing and the collection and disbursement of funds. Your main role at the closing is to review and sign the numerous documents related to the mortgage loan and to pay the closing costs.

Most of the people involved with the purchase of your new home will attend your loan closing. The closing is a formal meeting typically attended by the buyer(s) and the seller(s) (and their attorneys if they have them), both real estate sales professionals, a representative of the lender, and, of course, the closing agent. The meeting takes about one hour and usually is held at the closing agent's office. Or, you may live in an area where there is no formal closing meeting. Instead, an escrow agent processes all the paperwork, arranges for all documents to be signed, and collects and disburses the required funds.

The steps below explain what happens during and after the closing meeting.

1. First, the closing agent reviews the settlement sheet with you and the seller and answers any questions. Both you and the seller sign the settlement sheet.

2. The closing agent then asks you to sign the other loan documents, such as the mortgage note and Truth-in-Lending statement. Evidence of required insurance and inspections is also presented (if it wasn't previously given to the lender).

3. If everyone agrees that the papers are in order, you (and the seller) submit a certified or cashier's check to cover the closing costs and the balance of funds due (if applicable). And, the check from the lender covering the mortgage amount is submitted to the closing agent.

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