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Preparing for Closing
"Closing", also known as "passing of papers" or "settlement" involves the signing of documents to complete the sale and transfer of property from the seller to the buyer. How the "closing" is conducted varies according to local custom and state laws. In Massachusetts, typically the closing will take place at the office of the closing attorney appointed by the bank, at a real estate office or at the Registry of Deeds.
The following is a guide as to how to prepare for a closing and what to expect. Your Century 21 Carole White Associates agent will help you navigate the closing process, along with your attorney and your mortgage representative.
Prior to Closing:
- Make sure your attorney has prepared a new deed with your name and the name of the buyer recognized as the principals to the transaction
- Bring additional personal checks
- Bring all copies of house keys
- Make sure the property is in broom clean condition
- Provide access to house to buyer for final walk-through prior to closing
At Closing:
- Check with your real estate agent to find out where and at what time the closing will be taking place
- Review the HUD Settlement Statement with your attorney
- Provide final water/sewer bill & smoke/carbon detector certificate to closing attorney
- Make sure all legal owners are present at the closing or provide for a Power of Attorney in advance.
- Make sure you receive all monetary credits (such as reimbursement for oil left in oil tank and your
pro-rata share of pre-paid taxes etc.) - Sign all documents
- Keep copies of all documents for Tax deductions and record keeping
- Obtain the check reflecting the proceeds from the sale of your home less your outstanding mortgage
payoff and other miscellaneous closing costs - Keep a copy of all documents for your records
In Massachusetts, the Deed must have original signatures of all rightful owners and cannot be signed
by a POA. Make arrangements for pre-signing of Deed if necessary.