The Closing Process: 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.
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, acknowledgments of deed restrictions, agreements to keep the property as an affordable housing unit, closing cost assistance documents (when applicable) and the Closing Disclosure (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 examination, including applicable plans, for the property. Lender's counsel will also ensure that any defects in the chain of title have been cured or addressed 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 funds. 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.
1170 Beacon Street Brookline MA 02446
Massachusetts Affordable Housing Attorney
Steven S. Bloom, Esq.
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