Buyer’s Closing Checklist
The day has finally come and it’s time to close on the purchase of your property. You will need to bring the following to the closing:
- Funds For Closing. If you need to bring cash to the closing, you must bring to closing a bank or certified check PAYABLE TO YOURSELF for the balance of the figure shown on line 303 on your HUD-1 Settlement Statement: Cash From Buyers. This is for fraud prevention, and you’ll endorse the check over to the closing attorney at the closing. The closing attorney should provide you with this number at least 24-48 hours prior to closing. Accordingly, if you need to move funds around from investments accounts, etc., do so well in advance of the closing, and be prepared to make a bank run to obtain that bank/certified check!
- Homeowner’s Insurance Binder. At closing, you need a homeowner’s insurance binder showing the first year premium paid. If you are purchasing a condominium unit, you will need to provide us with the Master Insurance Binder, and depending on the type of loan you use, you may need an HO-6 policy covering the interior of your unit. The closing attorney will typically get an insurance binder ordered ahead of time, but this should be on your “to-do” list.
- Your state issued driver’s license with picture or other picture identification. Some lenders now require a second form of i.d. Your closing attorney will advise you of this.
- If a sale of your present home is required by your new lender, you must bring the HUD-1 Settlement Statement and a copy of the Deed from that transaction.
- Good Faith Estimate. You should bring the Good Faith Estimate of closings costs that your lender originally provided to you during the loan application process. That way, you can ensure that the final closing costs match up to those originally quoted to you.
- Draft HUD-1 Settlement Statement. You should have received a preliminary HUD-1 Settlement Statement from the closing attorney’s office. Due to lender delays, it is not uncommon to receive this the night before or the morning of closing, although this is obviously not ideal. Compare the prelim HUD to the HUD you are signing at the closing table.
- Your Smile. Yes, bring your smile. It’s a happy day, and despite all the tumult and stress you are finally purchasing your home!
Seller’s Closing Checklist
Sellers will need to bring the following to the closing:
- Massachusetts or state issued driver’s license
- Keys to home and alarm codes/information
- Smoke detector and carbon monoxide detector certifications from local fire department. Your Realtor should assist you with this.
- Signed Deed from you to the buyers. Your attorney should have drafted the Deed.
- Title V Inspection Report for septic system
- Evidence of repairs (if applicable)
- Final water/sewer bill and reading (paid) and final oil bill and statement from oil company as to amount remaining in tank. You will need to make the request at least 2 weeks prior to closing.
- Copy of last paid real estate tax bill.
- 6D certificate for condominium unit showing that condo fees are paid up.
- It’s also a nice gesture to give the new buyers the name of your landscaper, septic company, private trash hauler, handyman, etc. I’m sure your workmen will appreciate it also.
Before you close, don’t forget to:
- Fill out change of address forms
- Notify utility companies of move out
- Discontinue phone service and cable
- Leave all appliance warranties and instructions in the house (these are usually left in a kitchen drawer so they will be easily found by the new owners)
- Notify insurance agent of closing date in order to cancel present policy
- If you are purchasing a new home at the same time, make sure you get a copy of the fully signed HUD-1 Settlement Statement
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Richard D. Vetstein, Esq. is an experienced Massachusetts Real Estate Attorney. For further information you can contact him at [email protected].
