Many documents will be reviewed and signed during a closing. The mortgage and deed are the most important as they reflect the legal transfer of ownership and a record of the mortgage lender. Although people talk about 'getting' a mortgage, it is really the other way around -- the lender gives you money but puts a claim on your property, namely the mortgage. The mortgage is the legal written document that pledges the property as security for the loan. The deed is a written document that formalizes ownership to property and gives legal recognition to the ownership by recording in public records (at the Registry of Deeds). The deed is usually just one page in length but it is extremely important and should be checked thoroughly for errors:
- Name of seller (in public record when title taken and present name, if there has been a change)
- Full, legal name(s) of purchaser(s)
- Manner in which title will be taken (see explanation below)
- Legal description of the property, address and zip code
- Consideration paid (usually sale price)
- Correct wording by which property is conveyed - seller gives up all rights and claims to property in favor or purchaser (s)
How should you take title to your property? There are three ways of holding real estate in dual names:
- tenants in common,
- joint tenants,
- tenants-by-the-entirety (husband and wife).
Tenants in common usually own undivided interests in the land with no rights of survivorship. When one tenant in common dies, his/her interest passes under his/her will, or absent a will, to his/her lawful heirs.
Joint tenants also usually own undivided interests, but each has a right of survivorship. That means that if there are two joint tenants, and one dies, the other automatically owns the entire parcel regardless of the provisions of the deceased tenant's will.
Tenancies-by-the-entriety are similar to joint tenancies in that they carry the right of survivorship; they are, however, available only to a husband and wife. Like joint tenancies, neither owner can convey his/her one-half interest except subject tot he other's right of survivorship. Most importantly, a credit of one owner/spouse cannot foreclose on the property as long as the non-debtor spouse lives in the house (unless the creditor's claim is for expenses incurred in connection with what are "necessaries").
Many documents will be reviewed and signed during a closing. The mortgage and deed are the most important as they reflect the legal transfer of ownership and a record of the mortgage lender. Although people talk about 'getting' a mortgage, it is really the other way around -- the lender gives you money but puts a claim on your property, namely the mortgage. The mortgage is the legal written document that pledges the property as security for the loan. 
