It starts the day before
Your roles on closing day
- Sign legal documents. This falls into 2 categories: the agreement between you and your lender regarding the terms and conditions of the mortgage and the agreement between you and the seller transferring ownership of the property. Be sure to read all documents carefully before signing them, and do not sign forms with blank lines or spaces.
- Pay closing costs and escrow items. Borrowers handle the numerous fees associated with obtaining a mortgage and transferring property ownership in 1 of 2 ways: They either roll them into the principal balance of the new loan or agree to pay higher interest rates and have their lenders foot the bill. Some buyers may have to pay these out-of-pocket fees.
Present at closing
- Closing agent, who might work for the lender or the title company.
- Attorney: The closing agent might be an attorney representing you or the lender. Both sides may have attorneys. It's always a good idea to have an attorney present who represents you and only you.
- Title company representative, who provides written evidence of the ownership of the property.
- Home seller.
- Seller's real estate agent.
- You, also known as the mortgagor.
- Lender, also known as the mortgagee.