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The Closing

At the Closing, each party has its own responsibilities, which are coordinated with those responsibilities of the others.

The Seller has the responsibility to bring all title-clearing documents as well as all affordable housing documents required by the City and/or the State.  In addition, the Seller usually provides the Deed, a Certificate confirming the presence of properly-functioning smoke detectors and carbon monoxide detectors, certificates of occupancy, a certificate from the condominium association indicating that all condominium fees and assessments are paid to date, final water & sewer bills, tax bills, tax agreements and the like.  The Seller has several documents to sign at Closing, but not as many as the Buyer does.

Buyers usually have numerous documents to sign at the Closing.  The most important of these are the promissory note for the lender, the mortgage or mortgages which secure the Buyer's obligations by granting a security interest in the real estate, the final loan application, the truth-in-lending forms required by law, acknowledgments of deed restrictions, agreements to keep the property as an affordable housing unit, closing cost assistance documents (when applicable) and the settlement statement (which sets forth all of the monetary aspects of the transaction).  Also, before the Closing, Buyers usually must provide their lender evidence that the property is adequately insured and that the lender is named as an insured on a form provided by the insurance agent.  At Closing, Buyers can elect to purchase an Owner's Policy of Title Insurance. Last, but not least, the Buyer must bring the balance of money owed to consummate the transaction.

By the time of Closing, the lender's attorney should have checked the title emanation, including applicable plans, for the property. Lender's counsel will also ensure that any defects in the chain of title have been cured prior to Closing.  At Closing, the lender's attorney will coordinate the signing of all the Closing Documents, will adjust the real estate taxes and other costs between the Seller and Buyer, will ensure all taxes and utilities are current, and will handle and will disburse the money.  After Closing, the lender's attorney records the appropriate documents at the Registry of Deeds and reports the transaction to the IRS, where applicable. He or she will then issue the title insurance policies and will be sure the lender gets its original documents back for safe-keeping.









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The Rhode Island Supreme Court licenses all attorneys in the general practice of law. The court does not license or certify any lawyer as an expert or specialist in any field of practice. Steven Bloom, Esq., is licensed to practice in the Commonwealth of Massachusetts.  Steven Bloom, Esq. is also licensed to practice in the State of Rhode Island.  Our Office is located in Brookline, Massachusetts. The information provided in this Web Page Set is offered for informational purposes only; it is not offered and does not constitute legal advice.  Cushner & Bloom, P.C. does not seek to represent you based upon your visit or review of this Web Page Set. The information provided in this Web Page Set is offered for informational purposes only; it is not offered and does not constitute legal advice.  Although we intend to keep this information current, we do not promise or guarantee that the information is correct, complete or up-to-date.  You should not act or rely upon the information in this Web Page Set without seeking the advice of an attorney. Cushner & Bloom, P.C. does not seek to represent you based upon your visit or review of this Web Page Set.  The attorney-client relationship does not begin until Cushner & Bloom has evaluated the potential client's case and a contract between Cushner & Bloom, P.C. has been agreed upon. Please feel free to send us e-mail with your thoughts about our Web Page Set or to request more information about us.  The transmission of an e-mail request does not create an attorney-client relationship and you should not send us via e-mail any information or facts relating to your legal problem or question. If you are a client of Cushner& Bloom, P.C., your e-mail may not be privileged or confidential. If you are a client, remember that e-mail may NOT be secure. There is a risk that your communication may be intercepted illegally. There may also be a risk of waiver of attorney-client and/or work-product privileges that may attach to your communication. ADVERTISING



















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