When the date of your closing arrives, you will have already taken many actions toward achieving your goal of home ownership. Each of these actions serves a vital purpose, as does each and every document you'll be asked to sign or initial.

The Buyer must have cash, or a certified or cashier's check for the amount needed for closing, as indicated by the closing statement. You will be notified of the exact amount you will need to bring with you well in advance. You must also bring an insurance policy, covering the property, listing any mortgage holders as 'loss-payees'.

A checklist has been compiled to aid you in completing this important transaction.

• Is the loan amount, interest rate, term of loan and prepayment penalty correctly stated?
• When is your first mortgage payment due? Where will the payment be made?
• Are you in agreement with the title fees being paid to the title company, attorney or escrow agent? Are all title fees as quoted to you?
• Do you understand prorations listed; items or costs which you will pay a portion of or be given credit for?
• Taxes- Real estate taxes usually come due near the end of the year to which they apply and are prorated to the date of closing. A credit is then given to the Buyer for the number of days Seller has owned the property the prior year. New owner (Buyer) is now responsible for the entire tax bill for the year in which property title changed hands.
• Interest - Interest on most mortgages is paid in arrears. Example: A mortgage payment which is due on June 1st will cover interest due on the mortgage from May 1st through May 31st. So, if closing takes place on May 15th the interest for the month of May should be prorated to the date of closing. Buyer receives a credit for the number of days Seller owned the property during the month of May.
• Have you been credited for all deposits put into escrow by you or on your behalf?
• Is the legal description of property correct; does it conform to the one given in the title report?
• Is Buyer's name spelled correctly on all documents? Does it include your middle initial?

• Have you made a final walk-through inspection of the property?

• Is the condition of the house or property as it should be? Is everything in working order?
• If you ordered a Home Warranty policy for future repairs, have you reviewed it?
• Has Seller provided you with all required disclosure documents or a list of any known defects?
• Which day will you take possession of the property? Will Seller hand over keys, alarm codes, garage door openers, appliance manuals, etc. on day of closing or at a later date?
• Have you purchased any personal property from Seller (such as chandeliers, patio furniture, etc.), are you being given a Bill of Sale?

You may wish to have multiple copies of your closing documents. You may decide to keep one copy at home for easy reference and another in a bank lock-box for safe-keeping.