Identification: You'll need a picture I.D., such as a valid driver's license, passport or green card.

Guaranteed Funds: Any money buyers bring to closing for settlement costs must be in the form of a cashier's check, treasurer's check or certified check. Make funds payable to yourself. Bring your personal checkbook.

Homeowner's Insurance Policy: Also known as a "hazard" or "fire" insurance policy. Your lender will likely acquire this policy from you or your insurance agent prior to settlement. If not, you'll need to bring it to settlement with a "declaration page" showing the amount of coverage, and a paid receipt. Make certain the policy is dated for the day of closing or earlier, and that your lender is listed as the insured mortgagee.

Provided the lender's papers and funds have been delivered, and all of the parties are present and on time, settlement usually takes one hour.

A CBA is a "controlled business arrangement," sometimes referred to as an "affiliated business arrangement" or ABA. Basically, this is where a real estate or mortgage company works with a title company to establish its own title company. Usually, this arrangement results in the title company performing all of the work, and the real estate or mortgage company performing some formalities and attempting to drive business to the CBA. For this effort, the Realtor or mortgage company receives a handsome profit. Since this is an obvious conflict of interest and usually increases the cost of settlement, one can do better avoiding CBAs.

For multiple purchasers, the preferred methods of taking title are "joint tenancy," which provides for survivorship, and "tenants in common," whereby each person's interest passes to their heirs. For married couples, the customary method is "tenants by the entirities," which provides for survivorship.

A house location survey will uncover title issues-such as encroachment of buildings, fences, roads and driveways-that can't be found through a title search. A second more accurate and expensive option is undertaking a boundary or "staked" survey. Most prospective homeowners choose a location survey, which is all that a lender usually requires.

Termites and other wood-destroying insects are prevalent in this area. If untreated, they can cause major structural damage. Most contracts provide for such an inspection. We recommend one-even if not required by your lender.