Home Buying in Boston>Question Details

Trulia Boston, Home Buyer in Boston, MA

What exactly happens at a closing?

Asked by Trulia Boston, Boston, MA Tue Mar 12, 2013

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A closing (oftentimes called a "settlement" in many states) is the legal transfer of a home's ownership. The meeting usually takes place at the Registry of Deeds of the county in which the house is located but many times the attendees will meet at the closing attorney's office.

The closing itself is attended by the buyer, the seller, attorneys representing each side and both the listing and buyer's agents. There's not a lot that you'll need to bring but the following items are in fact essential: proof of your identity, payment of the closing costs (in the form of a bank check) and a well-rested signing hand.

The documents you'll be signing depending on the state and the lender but primarily you'll be ask to review and sign the HUD closing statement; the mortgage note; the deed of trust; the truth in lending statement; and any additional documents required in your state.

Once all the documents are signed, the keys are handed over. Now .... you're a homeowner!
2 votes Thank Flag Link Tue Mar 12, 2013
Two things you have to make sure to do before you get to the closing include making sure that you bring a bank check/cleared funds for the deposit money due, and bringing your Drivers License/ID. At the closing you will go over documents that need to be signed with the attorney, you will be explained your mortgage if you are getting financing, you will get keys for your new home if everything goes on record. TIP: Usually you want to make sure that the closing happens earlier on the day so that you go on record the same day and get your keys on the same day.
1 vote Thank Flag Link Tue Mar 12, 2013
This is where the deed gets transferred and the seller gets the payment (in the form of a cashiers check) for the property. If a mortgage is involved the paperwork for the mortgage is executed as well. There will be a HUD settlement sheet with all of the costs and charges for both buyer and seller itemized. Usually Buyer, Seller and their attorneys are present along with the banks closing attorney. It can take place at the county registry or at the closing attorneys office. Once all of the papers are signed the new deed has to be recorded. Once the deed is recorded the money can be disbursed and keys given to new buyers. Each state may have it's own take on the procedure. There will be an entire tree sacrificed for the paper used at a closing each page needing a signature.
0 votes Thank Flag Link Tue Mar 26, 2013
Michael mentioned the HUD which your closing attorney will go over with you. This document will have two columns and shows the buyer's and seller's credits and debits from the transaction. On this you will reconciling taxes, funds held in escrow, bank fees, etc to get to your bottom line of what you are paying as a buyer or what you are taking home with you as a seller. Your attorney will go through it line by line with you so you know what your are paying and why. This is the document to watch and understand.

Best of luck,
0 votes Thank Flag Link Tue Mar 12, 2013
All the monies is given and deed is signed.

Best Of Luck
0 votes Thank Flag Link Tue Mar 12, 2013
You sign many many forms, give the attorney the rest of money owed, deed gets registered and then you are a home owner
0 votes Thank Flag Link Tue Mar 12, 2013
Buyer should always bring an ID at closing.
At closing, buyer pays off the balance of the purchase price, signs all the documents related to deed and mortgage, and get the keys to the property.
0 votes Thank Flag Link Tue Mar 12, 2013
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