A residential closing is the procedure by which title to property is transferred from the seller to the purchaser, property includes homes, condominiums and co-ops (although the closing for co-ops slightly different). It may occur by way of sale/purchase, refinance or assumption of mortgage (i.e. in divorce). Most often the purchaser gets a loan/mortgage to finance the acquisition. The attorney's role at closing depends on if he/she represents the seller (transferor) or buyer (transferee).

Prior to the Closing (B=Buyer) (S=Seller) (A=Both):

A - Negotiate and Review final details of the Contract of Sale. Sign Contract of Sale and return with downpayment (to be deposited in Buyer Attorney's Trust account). Seller's attorney typically drafts the Contract of Sale.
B - Apply for a mortgage with an approved lender.
B - Get a home inspection by a licensed home inspector.
B - Get termite/radon inspections by licensed inspector.
B - Obtain title insurance by licensed title insurance company. This will probably be one of the buyer's costliest expenses at closing.
B - Have a survey done. Often times it is not required by the lender but is recommended. Your title insurance company may place limitations on its Lenders Title policy coverage if you do not have a survey.
B - Provide additional information to the prospective mortgage lender and get property appraised by certified appraiser.
B - Purchase homeowner's insurance naming the lender as payee in the event of loss. Many details about the house will be necessary to have a policy issued, so enlist the assistance of the real estate agent (if one exists) or the seller's attorney.
A - Gather all proof necessary to clear up "conditions" indicated in the title report.
B - Communicate to seller (or his/her attorney) regarding any discrepancies, issues, concerns pursuant to terms of the Contract of Sale.
B - Obtain and review the Good Faith Estimate, provided by the lender. Make sure the terms of the loan are agreeable, i.e. interest rate, type of loan, points, etc.
A - Schedule closing date with your lender, attorney, etc.
S - Get payoff information from current lender ( you will have to provide closing date to lender so payoff reflects up to date figures).
S - Obtain all final utility bills and local tax statements.
B - Get certified checks for additional funds necessary to seal the deal. The attorney should have this information before the closing.
A - Right before closing, conduct final walk through of premises. Ensure that details of the condition, items included and vacancy of property adhere to terms of the Contract of Sale.

At The Closing:

Closings usually takes at least an hour, but may extend for several hours.

A - Bring a photo identification.

A - Review the HUD-1 Settlement Statement detailing costs and make any adjustments if necessary. 

A - You have a right to read all of your closing documents before you sign. The closing attorney will give you concise explanations of each document. The closing documents must be executed as written. No changes may be made to the wording of the lenders closing loan documents.

A - Disbursements will be made, including paying outstanding utilities, transfer taxes and other liens against property. A review of the termite clearance letter obtained by the seller indicating that the property is free of termites.

After the Closing:

A - Closing Statements are prepared and provided to all parties by their respective attorneys.

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