What should I expect to happen on closing day?

Buying a new piece of property is an exciting time in a Massachusetts resident's life-it takes a lot of time and effort to find the right place that fulfills what one expects in their house and when the day comes to make it one's own, future owners are understandably thrilled. But it is important to go through all the legalities on closing day to make sure nothing is left out and there is no complication in the title transfer.

First of all, what is closing day? Real estate closing refers to the day that all the relevant parties will officially sign the papers and ownership will be transferred. In order to ensure everything goes smoothly, it is beneficial to start prepping the day before.

All the paperwork that has been gathered the day before should be collected-loan papers, proof of title search, flood protection, homeowner's insurance, mortgage insurance and any other documents gathered throughout the process. During the last inspection, the one that takes place in the 24-hours preceding closing day, make a note of any issues and deviations from anything specified in the sale contract.

On the closing day, the future homeowner will be expected to sign legal documents of two natures-firstly the agreement between the owner and the lender regarding the terms of the mortgage and secondly the agreement between the owner and selling transferring the property. Going through these documents carefully is essential-if something is blank or unclear, it is better not to sign it. In addition to this, there are a number of fees associated with closing day and it is important to know whose shoulder those fees fall upon.

Real estate transactions, especially becoming the owner of real estate, can be exhilarating, but that should not take away from the legal complexities involved in the process. It may be beneficial to have an experienced attorney along to ensure that all formalities are completed and there is no dispute over the title in the future.

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