The Closing Paperwork generally consists of the following documents:
Deed – A legal description prepared by an attorney to transfer and record, in public records, ownership of property.
Title Insurance Policy and Certificate of Title – This coverage is issued by the title company after completion of the title search. They check to see if there are any judgments, liens or attachments that need to be taken care of to `clear’ the title. After checking on unpaid taxes and assessments (e.g., sidewalks or sewer), the attorney provides a certificate of title to the lender and the buyer.
Homeowners’ Insurance Policy – New home buyers must obtain a binder for new coverage on the home, and the seller is generally required to keep the property insured against loss or damage prior to the Closing to protect the new buyer’s interests.
Mortgages – The mortgage contract gets recorded to protect the mortgage lender’s interests. When a mortgage is paid off (also known as ‘satisfied’), the home buyer will receive a copy of the “satisfaction of mortgage” which is a document that indicates that the mortgage has been paid in full.
Property Tax Bill – Many homeowners will supply a copy of their property tax bill to the home buyers; if not, a copy can be obtained from the town or city hall Assessor’s office.
Warranties and Service Records – Home buyers appreciate these records, if available from the home sellers, as they can aid in obtaining satisfaction if a product or service fails within the given time or usage limits. It is also helpful to know what service people the sellers have used in the past as they experience, sometimes for the first time, the maintenance of a home (furnace cleaning, snow plowing, plumbers, etc.)
Plot Plans and Surveys – An up-to-date survey will be required for the closing. You can look up a the current plot plan at the town hall and obtain a copy for a nominal fee.
Water and Sewer Bills – Proof of payment by the seller will probably be required for the Closing.
Utilities Records – Homebuyers generally arrange for services to be changed the day of or day after your Closing. Check with each service provider to determine how they handle requests and what is required for final readings and new service setups.
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