When buying real estate in Austin, Texas, you will inevitably come to the closing process (also referred to as “settlement”). The closing process can be intimidating for some buyers — especially for first-time home buyers — but it doesn’t need to be.

The key is to understand how the closing process works when buying Austin real estate property, to learn about the various costs involved, and then to prepare for the real estate closing accordingly.

You have probably heard both good and bad stories of real estate closing. Maybe you’ve heard about the closing process that lasted for days, or the one that got derailed over something as trivial as a doorknob.

Or maybe you’ve heard tell of a real estate closing where the sellers were getting a divorce, and they could not even sit in the same room together.

Though such stories certainly have their entertainment value, keep in mind that they are usually 10% fact and 90% fiction. Granted, not all real estate closing procedures go smoothly. But in reality, the overwhelming majority of closings go off without a hitch or a snag to speak of.

It’s also helpful to remember that everyone present at your Austin real estate closing is there for the same reason. Everyone wants to complete the transaction successfully so you can buy your new Austin home — the seller wants this, the mortgage lender wants this, the real estate and escrow agents want it. Everyone!

During your real estate closing you can also expect to sign a substantial number of documents. This documentation will vary slightly from one Austin mortgage lender to the next, but they all basically contain the same set of documents — the mortgage, the note, HUD Settlement Statement, and other items designed to protect your interests and the bank’s interests.

Bring photo identification to your Austin real estate closing, and be sure you have a checkbook with plenty of checks. Though you may not have to write one check, there is the possibility that you may have to write several. Last minute adjustments may require you to rewrite those same batch of checks again.

During your closing process you will also be asked to confirm (by signature) that the mortgage application you filled out still contains accurate information, and that your circumstances have not substantially changed since you completed the application (e.g. you changed jobs, etc).

It’s crucial that you ask questions during your real estate closing, anytime you’re not crystal clear about something. You are taking on a large financial obligation, so you want to understand every aspect of it.

Take your time to read each mortgage document before signing it. Sometimes, you can request that the lender let you come to the closing early to review documents (so the rest of the people in the transaction are not waiting for you to do so).

As the home buyer, you control the closing process more than any other individual. So move it forward at your pace, and only sign the documents when you are comfortable signing them, and when you fully understand their contents.

Ask your questions, and remember that everyone in the room wants to see the loan close. Work as a team, and you will be impressed with how smooth the transaction will go.

Good luck with your Austin real estate closing process!