Closing day refers to the date mutually agreed to by the seller and buyer for the transfer of funds, title and the keys (usually the next day). This can be a stressful time for both parties considering that this may be the largest sale or purchase of a lifetime. A few essential preparations can make the transaction flow smoothly.
The buyer must review the closing statement carefully and double-check the calculations. Review the lender, title and escrow fees to ensure that what was discussed is accurately reflected in the documentation.
You should also review the exact legal description of the property and any liens, encumbrances or other items which may have been discovered in regard to the property. Also ensure that the title or escrow agent has the correct title on the deed. Correcting a vesting on a deed later can be time consuming.
Before signing your name to any closing document be sure that the interest rates, miscellaneous fees and the condition of the property are all what you agreed to. Honest mistakes have been known to happen but these mistakes can be costly.