The Closing Process

Prior to your scheduled closing date, Jim will be busy gathering documents on your behalf. Condo-type sales entail additional paperwork: Jim will help in obtaining your Condominium 6D Certificate (a notarized document verifying that all condominium fees and any and all special assessments in the condominium association are up to date for the month of the closing), the Condominium Association's Master Insurance Policy Certificate naming your buyer or his mortgage/lien holder, and the Fire Department Smoke/Carbon Monoxide Detector Certificate.

If selling a single-family or townhouse, there is also the Water & Sewer Commission Final Water Reading. Jim will ensure that you know about this and all other state-required documents, like the Title V certificate, to present at the Registry of Deeds.

The week just prior to the closing is when your buyer's lender's underwriter actually prepares all the documents, verifies the accuracy of the closing or settlement statement, reviews the deed, and lines up funds for the closing. If this is a cash deal your legal counsel will prepare the closing documents. Either way, you can count on Jim to be in touch regularly throughout the entire transaction in an effort to monitor the process and generally to assure things proceed smoothly and ultimately without incident. Just bear in mind that the mortgage company is ultimately in the driver's seat!

Contact your attorney about a week before closing to schedule the actual closing date, time, and location, in an effort to avoid any conflicts with your schedule. If you cannot attend the closing, have your attorney prepare a "Power of Attorney" (POA) as well as a wire transfer - which will save you time and aggravation.

If you plan on being at the closing, the closing usually takes place at your lender's attorney's office or the Registry of Deeds. Plan on spending about 1-2 hours depending upon the amount of paperwork. Don't forget to bring your driver's license or state-issued photo identification/passport.

About three (3) days prior to the closing, you will receive a copy of the Closing Statement. The statement will document the transaction in detail and inform you of the total amount due at or from the closing - obviously necessary so you can order a wire transfer or bring a cashier's check, if necessary. Should you have any questions in regards to the Closing Statement's itemization of fees, call your attorney or Jim.

Once you and your attorney have ironed everything out and we have a firm time, date, and location scheduled for closing, you can expect the buyer and the buyer's agent to want to schedule a timely walk through of your home prior to closing.

After closing comes moving... but, you will want to orchestrate that long before closing. Check out Jim's moving tips.

Your Checklist

  • Install smoke detectors and carbon monoxide alarms.
    • Get certificate from town’s Fire department.
  • Notify utility companies of disconnect date:
    • Gas and electric companies (10 days prior)
    • Request water meter reading
    • Request oil company measure oil tank if applicable
    • Discontinue phone service and cable
  • Make sure all warranties and instructions remain (these are usually left in a kitchen drawer so they will be easily found by the new owners).
  • Change of address:
    • Drivers license
    • Bank accounts
    • Dog license
    • Credit cards & creditors
    • Place of employment
    • Post office
    • Insurance companies
    • Subscriptions
  • Make moving arrangements.
  • Notify household insurance agent of closing date in order to cancel present policy. Do NOT cancel it prematurely!! Call AFTER closing in the event closing is delayed for any reason.

Needed To Close or Brought to Closing:

  • Your driver’s license or another form of photo ID.
  • Deed from Seller to Buyer, prepared by your attorney of choice.
  • All keys to property and garage door remote openers, if installed
  • Alarm company codes and info, if applicable
  • Condominium 6D certificate, if applicable
  • Statement from oil company attesting to amount remaining in tank and/or amount for a full tank with documentation of a paid bill, if applicable.
  • Statement from propane company attesting to amount remaining in tank and/or amount for a full tank with documentation of a paid bill, if applicable.
  • Smoke and Carbon Monoxide certificate from Fire department.
  • Paid final water bill/final reading.
  • Satisfactory Title V Inspection Report and/or Certificate of Compliance from the Board of Health, if applicable
  • Copy of paid tax bill if paid immediately prior to closing
  • Checkbook, if:
    • You agreed to provide a Home Warranty for the buyers and it is not on the HUD-1 Statement.
    • You owe money to close and it is less than $1500