Closing and Settlement Checklist

• Typically the buyers and their attorney are present at the closing. 
• Arrangements to transfer the utilities, water, electricity, gas, telephone, cable, etc. should be made prior to settlement day.
• Adjustments for fuel (oil, propane) are pro-rated with the buyer obligated to credit the seller for unused fuel.
• A certified check or cashiers check for the purchase price less, the deposit(s) and the mortgage, should be prepared for the clos-ing. There also may be "point" costs to obtain the mortgage, legal fees, title search costs, title insurance costs, a lien certificate charge, and taxes held in escrow.
• The buyers' lawyer will apprise the buyers as to the amounts of these costs and to whom check(s) should be made.
• When a lender escrows taxes in advance at the closing, up to six months of taxes may be requested at the closing. Interest on the mortgage is typically advanced to the lender at settlement day.

TITLE TRANSFER: Usually, before the closing, the buyer will do a "final walk through" inspection of the vacant property. Then, subsequent to this inspection, the final meeting of the buyers and sellers takes place, when all meet to pass papers and go through the conveyance closing/settlement process.