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There are literally dozens of essential details that need to be attended to for your real estate closing to go smoothly. Through experience we learn the little things that make a big difference, but experience can be an expensive teacher. You need not experience costly mistakes -- just follow these simple tips to a smooth a closing!

Before the Closing

Loan Details/Appraisal There are a few items that you will want to touch base with the lender on prior to your closing. First, verify that the term, interest rate percentage (fixed or adjustable), points, fees and so forth on the loan are actually the same as they were when you originally talked with the lender. For example, you might say, "I just want to verify that my loan is a 30 year loan, with a 6.5% interest rate, which is fixed (not adjustable), the origination fee is 1% of the loan amount, and there is no prepayment penalty." If there are any deviations from what you had originally discussed, resolve those issues. Ask the lender to be sure to provide you with a copy of the appraisal at the closing.

Property Insurance Contact your insurance agent letting him or her know that you are under contract to purchase a property and need to obtain property insurance. Lenders will not allow the closing to go through without insurance coverage on the property. Check with the attorney's office a couple of days before the closing to ensure that they have received the insurance binder.

Title Insurance Title Insurance is insurance against loss resulting from defects or failure of title to a specifically described parcel of real property. There are two types of title insurance, lender's title insurance and owner's title insurance. If you are obtaining a loan on the property from a lender, they will require title insurance -- lender's title insurance that is. However, there is also owner's title insurance. You will need to let the closing attorney know that you want owner's title insurance so that you can be protected against any title defects that may arise.

Schedule Utilities Contact the power, gas, and water companies and set up accounts to turn on the utilities the day of your closing or on the date that you prefer the utilities be turned on in the property. Remember that sometimes it can take a week or more to set up accounts and get some of these companies to turn on service. Don't have your plans delayed after you close, schedule ahead of time! If the closing ends up being rescheduled for a later date, you can always call back and change the date that the service is scheduled to begin.

Settlement Statement Call the closing attorney's office and ask for a copy of the settlement statement to be faxed or emailed to you the day before the closing. Review the statement thoroughly making sure that all fees are correct and that both buyer and seller are paying the correct amount of closing costs. For more information on understanding the line items of the settlement statement, visit HUD's website at http://www.hud.gov/offices/hsg/sfh/res/rsphud1inst.pdf . Call the attorney's office with any questions and/or to report any inaccurate information. Ask for corrections as necessary and that a revised settlement statement be sent to you as soon as possible. Review the revised statement for accuracy.

Pertinent Items Call the seller to remind them to bring keys to the property and other necessary information, such as warranties, alarm codes, garage door openers, etc. to the closing. You would be amazed at how often these items are forgotten!

Walk Through Inspection Walk through the property the day before the closing to ensure that it is still in the same condition as it was in when you previously viewed it. Remember that items could have been removed, and theft or other damage could have occurred between the time you last viewed the property and the time that you are closing. Protect your investment and eliminate surprises that can cost you money and cause frustration in the future.

Verify Closing Schedule Before you get into your car and drive to the closing attorney's office, call to verify that closing is actually going to occur at the scheduled time. Closings often run late and/or are delayed at the last minute for a number of reasons.

At the Closing

Review Documents/Ask Questions Closing attorney's usually move pretty swiftly, handing you one long document with fine print after another to sign. They will typically briefly describe what the document is and then point to the signature line while looking at you with a smile on their face waiting for you to sign. Even though the pace may feel fast and you may feel rushed to sign the documents without thoroughly reviewing them, do not hesitate to stop and read all documentation and contracts, asking questions of the closing attorney as necessary. It is better that you take your time and ask all of the questions upfront rather than end up unhappy, confused and frustrated after the closing when it is too late to make changes. Mailing Address If you will not be living at the property you are purchasing, be sure that the mailing address on closing documents is YOUR MAILING ADDRESS and not the property address. Many times the mailing address on the closing documents will end up as the property address rather than your mailing address. If the mailing address is listed as the investment property address, all documents pertaining to closing such as the recorded warranty deed and title insurance will be mailed to the property and not to your mailing address. You don't want these important documents getting lost nor your tenants or others reading them should they show up at the property! I once purchased an investment property from an estate where there were nine children and nine quit claim deeds. Unfortunately, all of the recorded deeds from the closing were lost since they were sent to property address and never returned. It is much easier to make sure that your mailing address is correct than it is to get the deeds and other pertinent information after it has been lost.

Obtain Pertinent Items for Property Ask the seller for the keys and other pertinent information that you need regarding the property. Be sure that a copy of the appraisal is included in your closing package.

After the Closing

Recorded Warranty Deed ... Title Insurance Mark your calendar 45 days after the closing with a reminder to check with the closing attorney if you have not received your recorded warranty deed and title insurance policy in the mail. It is important to receive these items and file them away for safe keeping. Be sure that you remember to get them in a timely fashion. It will be easier to obtain them soon after the closing than it will be when you find you need them at some point down the line. Keep your files up to date and organized to protect your interest and your sanity in the future!

Taxes Find out when the property taxes are due on the property. Mark your calendar with due dates. There is a good chance that the previous owner will receive the tax bill due to the fact that the tax records may not have been updated by the time the tax bill is mailed out from the county/city. As the owner of the property, the tax bill is your responsibility even if you don't receive the bill. If the tax bill is not paid, a tax lien may be placed on your property. It is best to be prepared and protect your assets now rather than having to deal with time consuming and costly issues later!

Make these tips work for you. Use this document as a checklist and action list. Write notes beside each section, date the sections and check them off when completed. Good luck with your closing!