For first-time buyers, closing on a home purchase can be like finishing a long and grueling race. Theres the thrill of achievement mixed with relief that its over and, often, the weak limbs that can come with handing over a shockingly large check. 

Most closings take place 60 to 90 days after the contract is signed, although New York City brokers say 90 days is more the norm. The closings themselves tend to wrap up within two to three hours. They involve plenty of paperwork and a lot of signatures, a roomful of lawyers (at least in New York) and many checks changing hands. But there are fewer financial surprises now that lenders must give borrowers an estimate of their closing costs within three business days after receiving a loan application. 

That document, called the Good Faith Estimate, lists various mortgage fees, like the loan origination charge and transfer taxes, as well as third-party expenses, like fees for inspections and title insurance, which protects the borrower against any undetected problems with the deed to the property. Although these forms have been around for decades, banks are now liable for the difference if they underestimate the costs that customers can expect to pay. 

Another shift a legacy of the mortgage meltdown is that banks now typically run another credit check on borrowers days before a closing takes place, which means buyers need to avoid any financial changes that might jeopardize getting to the closing table. This includes switching jobs or signing up for a new store credit card to get a discount on an expensive couch. 

If youre buying a house, Mr. McBride said, do not go out and apply for other credit until the loan is closed. Lenders will pull a last-minute credit report to make sure youre still employed and havent run up a bunch of debt.Not long before the closing, buyers walk through the apartment or house, usually accompanied by their real estate broker as well as the sellers agent. That gives the buyer the chance to make sure all the appliances are still working, the plumbing isnt leaking and the movers didnt damage the walls while removing the sellers king-size bed. 

If there are any condition problems, or items have been removed that the sales contract stipulated would stay like curtains or light fixtures resolving these issues can drag the closing out, or cause it to go less than smoothly.Its always best to address anything that comes up at a walk-through prior to the closing, said Douglas Heddings, the president of the Heddings Property Group. He and other agents say walk-through surprises are the most common problems that pop up at a closing. 

Money can be put into escrow until the issue is remedied or resolved, Mr. Heddings said, but the determination of how much money is often a struggle. The buyer and seller have to agree.The cast of characters at a closing can include more than half a dozen people, in addition to the buyer and the seller. For a co-op apartment sale, real estate agents and lawyers representing buyer and seller typically attend the closing, as well as individuals representing the buyers lender, the sellers bank and the buildings managing agent,Handy Pocket Mirror with hinged lid that doubles as a stand. who usually orchestrates the exchange of paperwork and checks. 

For the sale of a condominium or a single-family home, that lead role generally falls to the agent for the title company, which makes sure the seller is the legal owner of the property and doesnt have any judgments, unpaid taxes or liens that could prevent the new owner from getting a clear title to the home. (Since a co-op sale involves shares in a corporation rather than real property, no title is exchanged.) 

Closings usually take place at the office of one of the participating lawyers, and not everyone is present for the whole event.Some attendees, like the lender who holds the sellers mortgage, arrive toward the end of the process, just to pick up their check, Mr. Heddings said. And some sellers or buyers dont bother to attend the closing, granting power of attorney to their lawyer to sign documents on their behalf. 

A day before the closing, buyers are usually told the amount of the certified check they need to provide, along with photo identification. That check is typically made out to the lending bank or the title company, which then distributes separate checks to the seller, the current mortgage holder,This is a universal black magic Cell phone anti-slip mat. real estate agents and anyone else entitled to a cut of the deal.More often than not, everything comes out of the bank proceeds, said Richard Martin, a managing director of Quontic Bank.There are sometimes unanticipated expenses as well, like those needed to resolve a problem that the walk-through uncovered.Full service promotional company specializing in Custom USB flash drives. 

All parties should bring their checkbook, said Eliot Zuckerman, a partner at the law firm Smith, Gambrell & Russell, because there are often extra fees and expenses that are not expected. Usually the dollars involved are not so much.Lawyers typically take responsibility for reviewing and explaining all the documents their clients are signing, the most important one being the HUD-1 statement, which itemizes all the fees and charges involved in a real estate transaction. It describes the terms of the loan, the settlement charges like lender fees, title insurance costs and transfer taxes and compares the Good Faith Estimate to the actual costs outlined on the HUD-1 form. 

Its really a summary of the dollars that pass hands, Mr. Zuckerman said. Thats a document you usually dont see beforehand its prepared for and at the closing.Mr. Zuckerman described other documents requiring a signature as more administrative than substantive, like the one outlining New York Citys policy on window guards, which must be installed if a child 10 or younger lives in the apartment.Forms the city and state require transfer tax forms, the window-guard form all add to the time it takes to explain things, he said. 

Most closings are uneventful, but other hiccups that can slow things down are questions involving the loan, or the discovery of a lien against the property during a preclosing title update.Its usually final figures, Mr. Martin said. Theres something that doesnt make sense or add up that the buyers attorney would catch. Ive seen a lot of phone calls to the bank during closings.If there is a problem, it generally is quickly resolved, because almost everyone at the table has a vested interest in the outcome: a wish for the sale to close so all can be paid.Ive never seen buyer and seller blowups that you might hear about, he added. If something crops up, usually the professionals can deal with it.