Massachusetts Home Buyers - Steps to a Smooth Closing
It has been a busy spring for Massachusetts home buyers and as a result I have a number of closings right around the corner. This seems to be an appropriate time to review the steps for making sure that it all goes smoothly.
When planning a closing on your Massachusetts home, these are the main points to keep in mind.
Resolve Your Mortgage Financing & Loan Conditions - When the offer on your home was written there was a date assigned for your mortgage to be finalized with the bank. Part of this is to fulfill all the conditions that bank has assigned to you. Some of these items may include proof of funds, gift letters, W-2 forms and bank statements. These all need to be resolved in order for you to have a final commitment on your loan.
Closing Costs and Down Payment - Prior to arriving at your closing your attorney should have provided you with a Settlement Statement as well as a final dollar amount for your closing costs and remaining down payment. You will need to get a certified check for this figure to bring with you.
Homeowner's Insurance - Since mortgage lenders require homeowner's insurance, which protects the buyer and the lender from loss in the event the house is damaged or destroyed, you will need to arrive at the closing with an insurance binder on the home you are purchasing. Check with several companies in Massachusetts to get the best rates.
Title Insurance - Prior to your closing, a title search will have been done to ensure that you are receiving a clean title with no liens filed against it. To further insure this, the lender will require the purchase of title insurance. There is a policy for the lender as well as an owner's policy. You will be able to purchase both policies at your closing.
Final Property Walk-through - On the morning of your closing, you should conduct a walk-through inspection of the property. Most purchase and sale agreements for Massachusetts home buyers state that the premises are to be delivered in "broom clean" condition and will allow you to conduct an inspection to insure that it is.
During your walk-through you should check every room, open all closets and cupboards. Run the dishwasher; turn on the stove or any other appliances that is part of the deal. Run the faucets, showers, flush the toilets and turn on the lights. Turn on the air conditioning system to make sure it is functioning properly.
Your Closing
On the day of your home closing you should plan on being there for at least an hour. Be sure to bring your driver's license with you. You will be asked for photo identification and a copy will be made for the file. If you are not a U.S. citizen, bring your passport, visa and any other related documents.
The main activity at the closing will be the signing of all of the documents associated with your loan. In the end, you will be provided with a copy of everything you have signed, plus a copy of the deed and plot plan.
The closing is not final until the deed has been recorded at the registry. When that step has been completed - you are finally, an official home owner.
Copyright 2010 "Massachusetts Home Buyers - Steps to a Smooth Closing"
Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230
Your Buyer Broker for Massachusetts Since 1992
MLS Property Search With No Registration Required
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