Your New Western Mass Home: Closing the Deal

Your offer has been accepted and you're in the final stages of closing on your new Western Mass. home.  Whether you're a first time home buyer, or you've gone through the process before, closing on a home can be complicated.  While your lawyer and realtor will perform much of the work, it's helpful for buyers to know what to expect as the process unfolds. 

Closing takes place on a property after all parties involved agree that the legal and financial obligations of the deal have been met.  It is at this time that ownership and possession of the property are transferred to you from the seller.  

At the start of the process, your realtor will make a copy of the signed Agreement of Purchase and Sale and send it to your lawyer.  Your lawyer will need to know the date that has been determined for the closing, any conditions that exist around the sale of the property, and how you want to be registered on the property title.

If the purchase agreement contains conditions that require action on your part, create a plan for completing all tasks by their due dates.  If you miss one, you may have to arrange for an extension or potentially risk losing the entire deal.  Your realtor will inform the lawyers when the tasks are complete and keep receipts if necessary. Keep in mind, most lawyers wait until conditions are complete before performing their closing tasks.

Your lawyer will research the title to the property, going through government records to make sure the title is clear for transfer.  He or she will make sure property taxes on your new home are up-to-date and will review liens on personal property, like appliances, that are part of the sale, making sure that what you've agreed to buy is what you'll get.  Your lawyer will also review and verify the closing information provided by the seller's lawyer, dealing with any problems as they arise.

While this is taking place, there are some steps you should take to prepare for closing on your new Western Massachusetts home.

First, you should contact your lending institution to begin the process of finalizing mortgage documents.  Your lender may require a current land survey and you should arrange for one quickly if none exists.

Next, arrange for your homeowner's insurance policy to become effective on the date of the closing.  Your insurance agent can give you a 'binder' letter to certify coverage.

Finally, touch base with the utility, telephone and cable companies to set up services in your name.  Your lawyer will also contact utilities to ensure there are no outstanding bills and will set up final meter readings for the day of the closing.

Your lawyer will meet with you a day or two before closing to review and sign the required documents.  At this time, you'll turn over the certified check(s) that will be used to cover costs involved with the purchase.

The closing process ultimately comes to an end when lawyers for both parties meet to register the deed and mortgage and exchange all documents, checks and keys for your new Western Massachusetts home.