The actual process of closing on a home is quite the involved undertaking. Typical home buyers do not really know how much goes into the closing of a home beyond the signing of the contracts. Usually the realtor sees to most of the closing concerns but its a good idea to educate yourself so that you understand your rights regarding the transfer of title and closing of the actual sale. There is a huge amount of paperwork involved in home closing so you will want to have a checklist to ensure that you have everything. The items will look like this: home appraisal report, home inspection report, proof of the title search, good faith estimate, and the actual contract itself.
As the buyer you have a few responsibilities and an entitlement or two. Of course these are all defined by the contract and the parameters of the offer & acceptance. It's important to make sure every aspect of the sale is recorded in detail and in writing. Any subjects must be signed off on by both the buyer and seller, this includes anything that is or is not included in the sale. So be clear about what you expect to be included in the deal. Most importantly this is the part of the process where the final version of the contract gets signed by both parties. This will finalize the transfer of the home, leaving only the payment of escrow items and closing costs outstanding.
The actual closing happens when all concerned parties gather to finalize the contract. Usually it is quite the gathering, including representatives of the buyer, seller and mortgage provider, title provider, attorneys and so on. This is where the actual finalization and payment of outstanding costs occurs. The end result being that you are deeded free and clear title to the property in question. If you pay close attention to all the steps involved in the process it can be a highly educational process as well as highly rewarding.
