State laws govern real estate transactions, so closings will vary from state to state. Here are the most important things that will occur, no matter how the closing is conducted:

• You will present your homeowner's insurance policy or a binder.
• The closing agent will list the money you owe the seller (such as the remainder of the down payment or prepaid taxes) and the money the seller owes you (such as unpaid taxes).
• The seller provides proof of inspections.
• You will sign the mortgage documents, promising to repay the loan.
• The seller will give you the title to the house in the form of a signed deed. This is the most important document you will get.
• You will pay your share of the closing costs such as attorney's fees, property taxes, transfer tax, interest, loan origination fee, recording and survey fees, title insurance, loan discount points, and documentation-preparation fees.
• You will receive a settlement statement.
• The deed and mortgage will be recorded in the state Registry of Deeds and later you will receive the recorded copy of the deed.

The Settlement Sheet
Expenses appear on the settlement sheet as a credit or debit to you or the seller. These expenses include your prepaid taxes, insurance, and utility charges. Ask your real estate agent or title attorney if you don't understand who is responsible for which expenses.
Here is a list of the items you will receive at closing:

• settlement statement, also known as the HUD-1 form: this lists all the services and charges and who paid for each
• truth-in-lending statement this form tells you how much interest you will pay over the lifetime of your mortgage
• mortgage note
• mortgage or deed of trust
• binding sales contract this document is prepared by the seller, so be certain your real estate agent or lawyer reviews it
• keys to your new home!