Chapter 13. Close the Deal

All the time and effort you've invested in your quest for a new home are about to pay off. The closing, sometimes called the settlement, is when your new home finally becomes yours. You sign a small mountain of mortgage-related documents and pay the down payment and closing costs, your lender advances the money for your loan, an attorney or escrow agent distributes the funds, and the seller transfers title to you.

For a smooth closing, you need to do some prep work a day ahead of time. Of course, some glitch—a last-minute schedule conflict for the lender's attorney, a contractor who hasn't finished repairs—may delay the closing by a few days. There's probably nothing to worry about it; a delay isn't uncommon (see Section 13.2 below).