What happens at the closing?
"Ownership of the property is transferred. Title insurance is issued and coverage begins."
Closing Costs usually add up to 6% or more of the purchase price. Depending on the state and local laws, you may have to pay:
Loan Charges --including origination, appraisal and survey fees.	Settlement Fees --fees for the lender's agent (usually, a lawyer or a title or escrow company representative). You may want your own lawyer in addition.
	Taxes and Government Fees --transfer taxes, buyer's share of yearly property taxes.
Before You Close-- review the HUD-1 Settlement Statement, which provides an itemized list of all closing costs. Be sure you understand them.
Those Present at the closing may include: You, the seller, the bank's agent and agents representing you or the seller.
Check your title insurance policy and all other documents before you leave the closing
Names should be listed, spelled correctly Description of property should be accurate Figures should be correct, as previously agreed.
This is your chance to verify fees, check procedures and terms and ask any questions