Buying a Home in Massachusetts - What to Expect at Your Closing
All the heavy lifting has been done. You have completed your home search, found the perfect house, been through an inspection, signed the purchase and sale agreement, secured your mortgage financing and conducted a final walk-through. The time for your closing has finally arrived and there are some details that you should be aware of.
Who attends your Massachusetts closing?
A closing is usually attended by your buyer agent, the listing agent, the closing attorney and, sometimes your attorney. It is a good idea to have your attorney present if at all possible. But, the next best thing is to make sure that she is reachable, in the event of any last minute issues.
Items you must bring to your Massachusetts closing:
- Identification. Your driver's license with a photo or some other official photo I.D. It is wise to bring a second form of identification just in case. If you are not an American citizen, be sure to bring your passport.
- Your Homeowner's Insurance Binder. A couple of weeks prior to closing you should contact an insurance company, let them know you are going to be purchasing and home and give them all of the necessary information for them to create a homeowner's insurance policy for you. This needs to be paid a year in advance and brought to your closing so the home is fully insured the moment it becomes yours.
- Personal Checks. There may be some last-minute items that need to be paid at the closing table. One example of this is a payment for the oil that is currently in the tank. There could possibly be other incidentals as well and it's always better to be prepared.
- The Funds for your Purchase. Prior to your closing, usually 24 to 48 hours before, the closing attorney should provide you with the exact figure that you will need to bring. This needs to be in the form of a bank check so be prepared to make a trip to the bank just prior to closing. The check should be made payable to yourself for safety. You will endorse it over to the closing attorney at the closing.
- A Strong Writing Hand. You will be signing numerous documents which are mostly for the bank. The attorney's office will supply you with a pen - but the writing strength must be your own.
Items that are brought by the seller:
- Keys to the home along with any garage door openers
- Certifications from the local fire department that the smoke and carbon monoxide detectors are functioning
- A final water and sewer reading that has been paid
- An official reading of the amount of oil that is in the tank
- A signed deed to the home
- If the home is on private septic, a copy of the Title V Report
- A copy of their last paid real estate bill
- Paid invoices for any repairs that were promised
Filing for Homestead Protection at your Massachusetts Closing
The Massachusetts Homestead Act provides you with protection against lawsuits. There is now an automatic protection of $125,000 even if you do not file. But if you do file, you are afforded protection of $500,000. The closing attorney should have the necessary papers for you to sign.
When is the home officially yours?
After the papers are signed, the deed must be filed at the Massachusetts Registry of Deeds. If your closing takes place at the registry, this will happen within minutes. However, most closings are done at an attorney's office. In that case, a specially designated person will pick up the deed and bring it to the registry within the hour.
When all of the documents have all been signed, money has changed hands and the keys are handed to you, your closing is done.
You are now, officially, a homeowner.
Copyright 2011 "Buying a Home in Massachusetts - What to Expect at Your Closing"
This post was written by
Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230
An Exclusive Buyer Brokerage serving the Greater Metrowest area
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