First and foremost, you should refresh your memory with what was agreed to in your contract, counteroffers and subsequent addendums. One area where costly mistakes can be made is the original contract stated something one way, then a counter offer changed the terms, only the escrow officer misses the change in the counter, and the original term shows up on the HUD-1 instead of what you really agreed to.

Don't assume all escrow officers are as thorough as they should be (they handle tons of escrows a day, and mounds of paperwork - they can't be expected to catch every detail in every transaction, as much as we think they should). Also, if counter offers and addendums where being submitted back in forth in a negotiation heavy deal, it can be very difficult to decipher where the trail led to, i.e. the eventual outcome.

In most cases, only the actual parties doing the negotiations will completely understand what was eventually agreed to, and it is their responsibility to review the HUD-1 at the closing table and make sure that it is being disbursed correctly.

Of course, you don't have to wait until you're at the closing table to review the HUD-1. You can always have it faxed to you the day before close so you have time to review it. This also is a good idea if you are buying a property out of state and will be having a power of attorney, or your actual Attorney signing for you.

If you are using a traditional lender, always compare your Good Faith Estimate to the HUD-1. While the Good Faith is an Estimate, it should be fairly representative of the routine costs associated with the loan. The closing table is a time to not only double check the work of the escrow officer, but your lender as well.

When it comes to closing, one thing to take into consideration is the time of the month you are closing. If you are the Buyer, try closing after the 15th of the month, which should delay your first mortgage payment for 30-45 days. This will also mean less pre-paid mortgage interest at closing. Since mortgage interest is paid in arrears (after it has accrued), and you have no mortgage payment the first month you buy, then you will be required to pay interest for the remainder of the month you are closing in. Therefore, the later in the month you close the less your prepaid interest, and thus the less your closing costs.

If you are the Seller, it is best to close earlier in the month because you are required to pay for property taxes through the date of closing. Therefore, the more days remaining in the month when you close, the less property taxes being held back out of your proceeds.

If you are the Buyer, make sure if you are in a state that funds on one day and records title on the next that you don't have a close date of a Monday. That means you will fund the loan on Friday, pay interest for Saturday and Sunday, and then not record (or take possession) until Monday. Why pay interest for days you can't access the property?

When I am writing an offer, I always look at my calender and enter an actual date of closing that will not fall on a Monday. If for any reason the close of escrow date gets pushed, just politely ask to have it close on any other day of the week besides Monday. It's usually not a problem.

As you can see, there are many things to think about at the Closing Table. This is where having a competent Realtor and/or attorney can be very beneficial, but ultimately, it is up to you to understand everything. So check and double check your entire contract against the HUD-1, and you should never walk away leaving money on the table!