The closing agent needs to coordinate title searches, insurance, all paperwork and necessary funds, and more. The following is a partial list:

• Inspections The closing agent will need copies of all inspections made of the property. He or she will need to know who is paying for the inspections and the any needed repair work. The closing agent will need to verify that the work has been completed prior to closing, with a "certificate of clearance" from the termite company or an invoice showing the work has been completed. The inspections will vary at each property, but usually include termite, roof, property, septic, radon and pool inspections.

• A title search will be ordered by the closing agent. The selection of the title company is usually made by the party that pays for the search. The title company will search for liens and encumbrances against the property, and liens and encumbrances against the buyer and seller. It will search federal records for bankruptcy, state records for uniform commercial codes and divorce, county records for liens, property taxes, judgements, and grantor and grantee for chain of title.

• Title insurance is also ordered by the closing agent. The party paying for the insurance usually determines the type of title insurance. With title insurance, the buyer receives "marketable title." If the buyer is obtaining a new loan, the lender will require a policy that protects against loss due to title issues. Click for more information about title insurance.

• Loan documents will need to be obtained from the buyer's lender by the closing agent. The closing agent will need to review these documents to ensure that they comply with all written instructions from the new lender. If the lender has conditions that must be met prior to the closing, the closing agent is required to hold off the transfer of funds until the conditions can be met. The closing agent will also order payoff instructions from the existing lender. These instructions will tell the agent how much money the existing lender requires to pay off the existing mortgage.

• Occupancy of the property is usually available at closing; however, not all sellers can vacate the property at the time of closing. Sometimes the seller's new property is not ready for occupancy. If this occurs, the closing agent will draft a rental agreement with terms and conditions that are acceptable to the buyer and seller.

Buyer's walk-through before closing

The buyer will want to do a walk-through inspection just before closing. Most real estate contracts give you the right to this inspection. The purpose of the inspection is to make sure that everything is still in working order and that any work that was in progress has been completed. Make sure that repair work is finished and that the property is in substantially the same condition as it was when the purchase contract was signed. You will also want to confirm that the seller's personal belongings and debris are being removed from the property. Your walk-through inspection should be done within seven days of closing. Click here for buyer's walk-through inspection form.

You will want to check all appliances, lights, plumbing fixtures, electrical, heating and sprinklers to make sure they work correctly. Check the windows and window screens to make sure they are in good condition. If the termite or roof reports indicated the need for repairs, check to make sure they have been completed.

The walk-through inspection is a condition of most contracts, and if either this or other conditions are not met, the buyer has several options. The first option is to hold off or delay the closing until the work is completed and the condition of the property corrected. The second option is have the seller's proceeds held in escrow until the seller completes the work or corrects the condition. The third option is to accept a credit or payment from the seller to complete the repairs, although this option will need to be approved by the buyer's lender.

A buyer purchasing a new home should make a list (called a "punch list") for the walk-through inspection. This list itemizes the details the builder still needs to finish. It is advisable to have the builder sign a copy of your "punch list."

The walk-through also allows the buyer an opportunity to receive instruction from the seller on the operation of the home's electronic devices. Bring paper and pen to take notes. You will need to become familiar with the alarm, sprinklers, pool equipment, heater and air conditioner, and all other amenities of the home. This is also a good time to ask if the seller has the operating manuals for the appliances and amenities, and arrange for him or her to leave them. Inquire about routine maintenance items the seller feels are necessary to keep the home in good condition. If you don't have an opportunity to meet with the seller personally, ask if he or she will leave a note detailing any relevant information.

You should discuss the changeover of all utilities, including water, gas, electricity and garbage, as well as mail forwarding. Arrange the date so that service will not be interrupted and the house will not go without heat or electricity. If the seller has a gardener, pool service, or pest service, you will need to decide if you want to continue using these services and notify them as soon as possible. If the seller has any rental equipment, such as a water softener, propane tank or water purifier, you will need to arrange pick up of these items or continue to rent them.

You will also need to arrange to obtain the keys from the seller. Will the keys be left at the offices of the closing agent or the seller's real estate agent, or at the property itself?

Closing meeting

The closing meeting differs throughout the country. In some areas, the seller, buyer and their attorneys meet with the closing agent, while in other areas the seller and buyer meet separately with the closing agent. The format of the closing is not as important as the results of the closing meeting. The following items need to be completed at the closing meeting before the property's ownership can be transferred:

• The seller must review his or her settlement statement to make sure all the costs of selling the home are listed correctly. He or she should verify the existing lender's loan payoff charges. Check to see that the costs of repairs are correct, and verify all other charges in the settlement statement. The seller should review the title search and report to make sure that it is accurate and that there haven't been any changes since the report was issued. The seller will need to sign a deed conveying or transferring the property to the buyer, and will need to have the deed acknowledged by a notary public. Remember that the seller will need to show proof of his or her identification when signing the deed, so bring appropriate ID.

• The buyer also needs to review his or her settlement statement as well as the costs of the purchase and all costs for obtaining the loan. Compare those costs to the "good faith estimate" that the lender gave the buyer when the loan was applied for. A copy of the deed should be reviewed to make sure the spelling of the buyer's name/s are correct, and that vesting - the method by which the buyer will take ownership - is decided upon. This is a very important item that should be thought through before the closing. Click here for additional information about vesting. The buyer will sign either a mortgage or a deed of trust to secure the loan against the property. This document will need to be acknowledged by a notary public. Don't forget to bring an appropriate form of identification. The buyer will also need to bring to closing a cashier's check or certified funds to cover the closing and down payment costs.

• Both the buyer and seller will need to review all inspections of the property and make sure all repair and other work was completed.

• The lender will review the documents to ensure that they are signed correctly and that the borrower and the closing agent have met all the conditions. Once this has been completed the lender will issue funds for the loan.

• As soon as all the requirements of all parties have been met, the closing agent will transfer the ownership to the property by recording the deed and the mortgage documents.

• Once the deed has been recorded, the closing agent will issue checks to the seller for his or her proceeds and pay all other bills that were part of the closing. The closing agent will pay off the seller's loan, the repairs, the brokers' commissions, and any other expenses of the sale.

You should keep all of the closing documents for future reference. You will need them when you meet with your tax consultant.