After the searching for a home is done, the negotiations have been completed, the house has been inspected, and the mortgage has been applied for and committed to, the focus suddenly turns to the closing or settlement.

The settlement is the proverbial "signing on the dotted line": the process that will put the title to the house in your name, verify homeowners' insurance on the property, commit you in writing to the terms of the mortgage, and, usually, put the keys to the house in your hands. In general, you will leave the closing and go to your new home as the homeowner. The weeks and months of anticipation are all settled in the short amount of time that you spend at the closing.

The closing will be attended by the buyers and sellers, their real-estate agents and the closing attorney, who has reviewed all of the components of the house sale and who is the one who will say "sign here" more times than you have ever heard in your life.

Although there may be additional documents involved, the primary items that are dealt with at the closing are the settlement statement, the down payment, the closing costs, the loan papers, the contract, the title insurance, the homeowner's insurance and the title or deed.

The closing is your final opportunity to make certain that everything related to the purchase of your home is correct. It is important, therefore, that you do adequate preparation prior to the day of closing.

What should I do to prepare for the closing?

• Review the settlement statement - You should have a copy of the settlement statement before the date of closing. Generally this will not be available until one or two days prior to the closing, but it is important to have it because it gives you the total amount of cash you will need at closing and also how those various funds will be dispersed. In addition, it gives you an opportunity to iron out any discrepancies prior to sitting down at the closing table. Your agent should also have a copy for review.

• Obtain a homeowner's insurance policy - The policy must be secured prior to the date of closing. For more information on coverages (and saving money) see the Homeowner's Insurance section.

• Get certified funds - On the day of closing you will need certified funds for closing costs and down payments. This is an important reason for needing a copy of the settlement statement a day or two in advance--so you know the amount of funds needed.

Know the closing costs - The settlement statement shows the down payment and other closing costs and how much money you will need at the time of closing. Closing costs are usually lumped into one single amount. Closing costs comprise three distinct types of costs: down payment, prepaids and fees.

Sample closing fees for Charlotte

• Credit report - Usually around $60, it is paid at the time of formal loan application. Non-refundable.

• Property appraisal fee - Usually around $350 - $400, it is paid at the time of formal loan application. Non-refundable.

• Origination fee - The lender's charge for loan processing and handling. It's customarily 1% of the loan amount and paid by the buyer.

• Discount points - Each point is 1% of the loan amount. These points may be paid by the buyer, seller or both.

• Mortgagee's title insurance - Usually around $100. The lender (who is the mortgagee) requires the borrower to purchase a title insurance policy to protect the mortgagee against title defects that would affect the loan.

• Survey of the property - Usually around $150.00.

• Document preparation - "Doc Prep" is around $100. This is a charge for completing and handling the paperwork associated with the loan.

• Recording fees - Usually about $35, these are the fees charged by the government for recording the sale and the associated documents in the county records.

• Pre-paid items - These are collections in advance for loan interest, homeowners insurance and property taxes. They include daily interest from the date of closing until the end of the month; one years's homeowner's insurance premium for the coming year; a few month's advance payment for homeowner's insurance premium for the following year, which is placed in the purchaser's escrow account; two-to-four month's property taxes, which are placed in the purchaser's escrow account.

• State documentary fees - Tax Stamps are one cent per thousand dollars.

• Real estate closing fees - Usually $175, they are usually split 50/50 between buyer and seller.