1–781–438–6600
Massachusetts Real Estate Closings
ABOUT THE PROCESS AND WHY YOU SHOULD ALWAYS USE YOUR LAWYER TO CLOSE. A Real Estate Closing, is the event where the ownership of the house or condominium is transferred from the Seller to Buyer. The real estate closing itself, which is typically held at the office of the lender's attorney or the local Registry of Deeds, involves the completion of all the necessary paperwork to finalize the agreement between the Buyer and the Seller, as well as the collection of all funds required for the transaction. In Massachusetts, once the necessary documents are prepared, signed and recorded at the Registry of Deeds, the title (i.e. ownership) is considered transferred to the new home owner (learn more about Buying and Selling a Home in Massachusetts).
At the closing, the Seller and the Buyer should be represented by an attorney because of the importance of the many documents that need to be signed, and the large sums of money that are being exchanged. Even the smallest error can result in the loss of thousands of dollars. Careful consideration must be given to the many documents which must be signed and they must be explained thoroughly to all parties. In addition, the parties must be assured that all of the obligations described in the Purchase and Sale Agreementhave been fulfilled. Finally, items such as water and sewer charges, real estate taxes, rents, condominium fees, etc. must be adjusted properly between the Buyer and the Seller.
Some other things that will happen on the day of the closing include:
* The Buyer will do a final walk-through of the home (usually on the morning of the closing). If any problems arise here, then a resolution must be negotiated at the closing with all parties and their attorneys.
* The Lender’s Attorney, and your attorney if present, will review the HUD settlement statement with the Buyer and Seller, showing all charges incurred by all parties.
* The Buyer will sign the mortgage, promissory, note and a stack of other papers agreeing that if he or she doesn't make payments to the lender as agreed, the lender is entitled to sell the property and apply the sale price against the amount the Buyer owes.
* The Seller will sign some paperwork and provide the Deed to the Buyer.
* The Deed, Mortgage, and some other documents, will be recorded at the Registry of Deeds. The Deed will specify the manner in which the new Buyers will own the property (learn more about forms of ownershipor "taking title").
* The Seller will provide the keys to the house to the Buyer.
* The Buyer will obtain a copy of his or her Owners Title Insurance Policyshortly after the closing (if such a policy has been purchased from the attorney closing the loan).
266 Main Street, Stoneham, MA 02180
Phone: (781) 438-6600 - Fax: (781) 942-7034 - richard.woods@comcast.net