Once you have received the “clear to close” from your mortgage lender, you are just one short step away from becoming a new homeowner. Once the clear to close has been issued, most mortgage lenders will require 48-72 hours to complete the final RESPA audits and prepare the closing package for the attorney. In Massachusetts, the closing must be conducted by a licensed attorney.
Where And When Is The Closing? Usually the closing is held either at the lender’s attorney’s office or the county Registry of Deeds. A convenient time will be agreed upon when both the buyer and seller, or their attorney, can attend. The closing usually takes about an hour.
Final Walk Through. In all of your excitement, do not forget about the final walk-through. It may have been weeks since you have last seen the property. Once the Sellers have removed all of their belongings from the house, schedule a time with the real estate agents to go through the house one more time. Check to see that all appliances, water, electric and heat and/or ac are in working order. Check that any requested repairs have been completed. It is important to do a thorough walk-through as once the Deed is recorded, any remaining issues or undiscovered problems become the buyers.
When Will I Know How Much Money I Need For Closing?
The attorney should be able to give you a rough estimate a few days prior to closing, but chances are, the final numbers will not be available until the day before closing. Final readings for things such as water, sewer, oil and electric are still being completed by the real estate agents & attorneys for the HUD settlement form.
What Happens At The Closing?
- The Buyers will need a valid picture ID so the attorney can verify their identity
- Certified funds are needed for the balance due – no personal checks can be accepted
- The Buyers will sign all the loan documents
- The Seller will provide the closing attorney with the Deed, Smoke Certificate and other relevant documents necessary to assure the Buyer is receiving clear title to the property
- The attorney will receive funds via wire transfer from the buyer’s mortgage lender
- The documents will be recorded at the Registry of Deeds
- The keys are given to the buyer, the seller receives their proceeds, and the real estate agents receive their commission
Mass. Mortgage Buddy Closing Tips:
- In Mass., the documents can not be recorded at the Registry of Deeds until the attorney has received the funds from the lender. The buyer will not receive the keys until, and the seller will not receive their proceeds, until the documents have been recorded. Waiting for a wire from the lender can sometimes cause a delay if the loan is closed early in the day.
- If at all possible, try not to attempt closing & moving all in one day. It will create undue stress.
- Don’t try and squeeze the closing in on your lunch break
- Don’t be afraid to ask questions if you do not understand a document