Closing Information for the Buyer

KELLERWILLIAMS REALTY CAPE COD

Closing Information for the Buyer

The process of closing the sale can usually take between 30-60 days (or longer), a length of time necessary for a number of critical legal requirements to be met, including clearing the title, recording the deed, approving loan applications, allowing the lender to make a property appraisal, and to have    the plot surveyed.

A closing date will be set, at which time all the parties to the transaction must have completed their requirements to consummate the sale. Usually, the bank's attorney is responsible for conducting the closing, either at the attorney’s office or the Barnstable Registry of Deeds, and the attorney will calculate and compute a number of financial requirements including at least some of the following:

  • Bank attorney's fees - check with your lender to find out what these will be
  • Recording fees for new deed and mortgage (approximately $150)
  • Appraisal fee, which is approximately $500 and which is required by MA state law
  • Credit report (approximately $50 each)
  • Private Mortgage Insurance (PMI) required for purchases with less than 20% down payment
  • Title Search (often included in bank's attorney fees), and Title Insurance is based on the amount of the bank loan.
  • Survey/plot plan (approximately $300)
  • Municipal Lien Certificate (approximately $25)
  • Real estate tax adjustments and interim interest (depending upon the number of days/ months left in the year)
  • Final Settlement Statement (HUD-1)
  • Cash transactions are closed by an attorney and fees are variable. Ask your agent for referrals to closing or title companies.

Buyers are not required to hire an attorney to represent them in the closing transaction but may choose to as a precaution against potential problems. The banks attorney has an obligation to ensure all legal requirements are met for the bank. They are not your attorney. A Buyer's attorney can review all the documents to ensure that the Buyer’s needs have been fully met.

The Buyer should bring a number of items to the closing including:

  • An insurance binder covering the property for one full year
  • The Buyer should bring a certified check or bank check payable to him/herself for the closing costs and purchase price, less the amount of deposits and mortgage amount   (Call the closing attorney’s office the day before for this information.) 
  • The Buyer also should bring a checkbook in case there are any last minute adjustments such as fuel oil, propane or personal purchases outside of the real estate sale.
  • Driver’s License
  • Checkbook

L:Buyers\ClosingTheDeal

Rev 10-2014

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