Closing day should be a day of joy. You are about to become a homeowner in Masssachusetts. To insure that you have a stress free closing, it is best to know what to be prepared for.
On the morning of your closing, you should conduct a walk-through inspection of the property. Most purchase and sale agreements 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.
The sellers should be completely moved out of the home when you arrive. All furniture, possessions and debris should be out of the property and off of the grounds. Any repairs that were agreed upon should be done. If the purchase and sale agreement states that the refrigerator, washer, dryer, window treatments or any other items should be included make sure that these items have been left in place.
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.
A thorough property walk-through should take around an hour.
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 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.
The Closing Table
Most closings take place at an attorney's office or a place that is convenient for all parties. In attendance will be your buyer broker, the sellers, the sellers' agent and, possibly, their attorney. You should plan to be there for one to two hours.
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. It is also a good idea to bring your checkbook to pay for items such as a full tank of oil or other incidentals.
The main activity of the closing consists of signing all of the papers associated with your loan. The closing attorney will take each document, explain it to you and give it to you for your signature. In the end, you will be provided with a copy of everything you have signed along with the deed and plot plan.
Ownership is not official until the deed has been recorded at the registry of deeds and the closing attorney will send a courier to have this done.
When all of the signatures are completed and money has been exchanged, you will be handed the keys to your new home.
Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446, E-mail
Serving Home Buyers in: Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Sherborn, Southborough, Sudbury, Wayland, Westborough