The Closing
When Buying Boston Area Real Estate
What to Bring to Closing
Money You are responsible for bringing the remaining down payment and closing costs. These funds must be brought in the form of a certified bank check.
Photo ID - Be sure to bring your driver's license with you. You will be asked for a photo identification and a copy will be made for the file. The bank wants to be sure that the person who signs the mortgage note is, indeed, the person who will be paying it. If you are not a U.S. citizen, bring your passport, visa and any other related documents.
Your Check Book may be needed to settle a fuel adjustment or other payments made that are not recorded on the HUD-1.
Address Any Walk-Through Issues - If, during the final walk-through, there are unresolved issues, bring them to the attention of your attorney on your way to the closing. Your Buyer’s Agent will be with you at the walk-through and will help you address any issues and any hold-backs required.
Holding Money Back in Escrow - An escrow hold-back is money held by a third person (usually an attorney) that is released upon fulfillment of some terms. Using escrows is one of the best ways to protect your interest when you simply cannot determine if there is a problem until after you move in. For instance, let’s say there is two feet of snow on the ground when you make your offer and the home is vacant. There is no way you can tell if the septic system is functional until the snow has melted and you have lived in the home for a month. In this case, it would be highly advantageous to have a certain amount of money owed to the seller held in escrow under the condition that, if the septic system proves to be in need of repairs, the money will go towards fixing the system. If the system proves to be in good working order, the money is released to the seller.
How Long Does the Closing Take? - Plan for at least an hour. If possible, it's a good idea to take the day off from work or at least half of the day if you can. Occasionally, something unforeseen may happen which can lengthen the time you will be at the closing office. Examples include missing documents, errors on documents, or the attorney not beginning on time.
Signing the Paperwork -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 tell you where to sign. If you cannot make it to your closing, you can give power of attorney to your attorney, spouse or partner to sign in your place.
Following the Signing, the sale must be recorded at the registry of deeds. If your closing is at a lawyer's office, a courier will be sent to record the transaction. The property is not officially yours until it has been recorded. Many times keys will be given to buyers at the closing table. However, it is within the sellers' rights to have the keys held until the recording is done. If you are closing at the registry of deeds, this will happen almost instantaneously. If a courier is going to the registry, it may take several hours.
When all of the documents have been signed, money has changed hands, the seller has signed the deed over to you, and the deed has been recorded, your closing is over and the keys to the property are yours. Welcome to your new home!
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