Learn & Earn / Closing Process / Next Topic
Closing Costs  The closing is also known as "passing papers" or conveying the title. The closing costs and preparation of the closing statement, commonly referred to as the RESPA, are done by the conveyance attorney. It is the final recapitulation of cash requirements for the purchase as well as disposition of the proceeds from the sale. Adjustments are needed for taxes, fuel, water, sewer, etc. which are in the closing statement. All of the lender fees incurred for professional services are listed in detail on the RESPA form. Closing costs can add up to 1-4 percent of your mortgage loan and all expenses must be paid on or before the day of the Closing. The deed, mortgage, and other documents are inspected for accuracy and signatures. The buyer's usual expenses include:
- attorney's fees
- cost of title examination
- cost of preparing mortgage documents, including lender attorney's fee
- recording charge for deed, mortgage and certificate of municipal lien (CML)
- miscellaneous expenses such as plot plan, bank application fee, points, CML, title insurance
The seller's usual expenses are:
- attorney's fees
- Massachusetts tax transfer stamps
- recording costs of instruments necessary to clear title
- real estate broker's commission.
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