by Cherie Hayes

Created on: January 17, 2009   Last Updated: November 03, 2010

So you have been searching for a home to buy and are ready to proceed with the residential closing. Your real estate agent has lead you through many homes and you have chosen the one that is just right for you. Once the contract has been completed and all of the conditions met, it is time to sit at the closing table. Most people find the mountain of papers intimidating. Where do I go for the closing? Who are these people at the table? What are all of these documents for?

Here is an overview of the most common closing procedures and documents you may encounter at the closing table. Each state varies in the details of a real estate transaction, but most of the time the closing occurs at a title company. The seller and/or buyer may also have an attorney present at the closing table to assist with any questions since the documents to be signed are legally binding. If the seller and buyer are working with a real estate agent, those agents may also be present. If the buyer has taken out a mortgage loan, the loan officer may be at the table to present the loan documents. Finally, the settlement agent will be at the head of the table to facilitate the signing of all documents and notarizing the documents.

The most common documents found in a residential closing are as follows:

#1: the Warranty Deed - This document transfers ownership of the property from the seller to the buyer. It is a legally binding document, and is prepared by an attorney in the state where the property is located.

#2: Personal Representative's Deed - This performs the same function as the Warranty Deed. However, it is used only if the seller of the property is deceased. The Personal Representative's Deed is prepared by the attorney hired to handle the legal matters of the estate.

#3: Bill of Sale - Transfer of ownership of non-permanently fixed items in the home is done by the Bill of Sale. Non-permanently fixed items may include a washer and dryer, refrigerator, dishwasher, window coverings, smoke detectors, security systems, satellite dishes, and any other items relevant to the property.

#4: Lien Affidavit - The seller acknowledges that there is no potential for additional liens against the property that he or she is aware of other than any current mortgages.

#5: Transfer of Water and Sewer service, Homeowners Association - If the property receives water and sewer service through a utility company, that service is transferred from the seller to the buyer as of the date of purchase. If the

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