This occurs when the seller conveys (transfers) the title to the buyer and the buyer makes full payment to the sellers with a mortgage check for the property. Closing means the details are consummated or concluded, all required documents are signed and delivered, and funds are dispersed. Once you are successful in obtaining a mortgage, a time will come when the lender will want you to sign papers. Typically you will go down to an escrow office, closing attorney's office, or the Registry of Deeds and there you will be given a stack of papers to sign. The lender should have instructed you on what you need to bring to the closing. The closing attorney will start by going over the closing process with you. Then he will begin with the settlement statements. Carefully read the fees and charges. You should have been made aware of these early on with the Good Faith Estimate when you originally applied for the mortgage. You will be handed a HUD-1 Statement or Settlement Statement which covers the disbursement of moneys with the transaction. Double check the math. Be sure that all the columns add up. Be sure that the credits and debits are properly given. Next be sure that if you received any seller concessions that they are stated. Next the closing attorney will go over all the legal documents. Be prepared to sign a lot of stuff. Make sure you ask a lot of questions. Remember the closing attorney is on your dime (part of the closing costs) so make sure you have him explain things as the closing proceeds. When all is done the deed will be recorded (if recording is initiated at the Registry of Deeds before 4:00pm, otherwise it will be recorded during office hours on the next working day). You will be given the keys to your new home right after the deed has been recorded. The closing attorney will inform you when the deed will be recorded and when you can have possession of the keys. The proceeds (the money paid) to the seller will be held by the seller's attorney until the deed is recorded.
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