The contract of sale or exchange designates a certain day and hour when, and place where the deed shall be delivered and the balance of the price shall be paid. This transaction between the seller and purchaser and their respective representatives is known as the "title closing" or "closing of title." The closing is the consummation of the contract, and must be in exact accord with its provisions. Hence it is absolutely necessary that a copy of the contract be brought to the closing. The purchaser should have a report of title showing the name of the record owner and a statement of the encumbrances on the property. This report should be brought right down to the day of closing. He should also have money to pay the amount required by the contract, and since there are usually adjustments to be made and expenses to be paid, he should bring sufficient extra money to cover any such items. The seller should bring his latest receipts for taxes, water rates and interest on the mortgage (if there be one), also all insurance policies and receipts for payments on account of the principal of the mortgage, or agreement extending the time of its payment, if there be any. (Appendix forms 60 and 61.)