Seller Services:

Please Review This Information If You Are Selling Your Property And Our Office Is Conducting The Closing

Your visiting this site has probably been prompted by the fact that our office has been asked to handle the closing of the sale of your property in connection with a mortgage being granted to your buyer. There are some matters that we will require in order to expedite the transaction and prevent delays or extra costs to you. They are listed below.

Please also remember that you must bring a valid drivers license or passport with you to closing for proper identification. The closing cannot take place if you do not have this identification with you. In order to insure a smooth closing, we would like to review the following information, and we would appreciate your completing the fill-in form on this site.

1. MORTGAGES: If your property is presently mortgaged, the mortgage(s) will be paid off at the time of closing using proceeds from the sale, if any. Please provide information regarding this mortgagee, as well as equity mortgagees, in the fill-in form on this site in order that we may contact the mortgagee(s) and make the necessary arrangements for payment. This is very important and requires your immediate attention. After your mortgages have been paid in full, the banks will send us discharges which we will record at the Registry of Deeds.

In the event there is a non-institutional mortgage (i.e. one given to a private individual, trust or corporation as opposed to a bank or loan company), we will require that the payoff amount be furnished to us before the closing and a discharge be delivered at or before the closing. UNFORTUNATELY, THERE CAN BE NO EXCEPTION IN THIS REGARD. If you are uncertain about whether an outstanding loan is held by a private lender, please contact our office or have your attorney do so. The obligation to furnish a discharge at closing applies also to outstanding attachments or other liens, if any.

2. DEED: The preparation of a new deed to convey the premises to the buyer is your responsibility. You should have your attorney send us a copy of the proposed deed as soon as possible and before the closing date. While we cannot represent the buyer, their lender and you, we are sometimes asked to prepare a deed as part of our mortgage services. If you ask us to prepare your deed, there will be a charge to you for this service.

3. SMOKE DETECTOR CERTIFICATE: If your property is in Massachusetts we call to your attention the provisions of Massachusetts General Laws, Chapter 148, Section 26E. You should contact your local fire department, arrange for an inspection, obtain a certificate of compliance and bring it with you at the time set for closing.

4. ELECTRICITY, WATER, SEWER, FUEL: If your electricity is provided by a municipal plant, you must bring with you a final electric reading. Similarly, your fuel oil readings if your property is serviced by oil, should also be brought to closing so that appropriate adjustments can be made.
5. EXPENSES: You will also be required to pay any applicable Excise and transfer taxes, recording fees to discharge mortgages and other liens and, where appropriate, to pay these items from the proceeds of the sale.

6. POWER OF ATTORNEY: If there is a power of attorney involved, please send our office a copy of the power of attorney document prior to the closing. The use of the power of attorney will have to be approved by our client and then the form and content thereof must be reviewed by our office. In any event, the deed transferring title from you to the Buyer must be signed by you in the original and notarized.

7. CONDOMINIUM UNITS: If the transaction involves a condominium unit, you are required to provide a certificate that states any unpaid common expenses which have been assessed to the unit owner. You will also be required to provide a Certificate of Insurance naming, as insureds, the buyer and their lender and its successors and assigns as their interest may appear. It is imperative that the foregoing language be on the certificate of insurance. The manager of the condominium can assist you in this matter.

8. SALE PROCEEDS: If the closing takes place in our office, we will make every attempt to record papers and disburse funds as soon as reasonable. However, no matter where this transaction closes your funds will not be released to you until the deed and mortgage have been recorded at the appropriate Registry of Deeds. Your proceeds will be issued to you by a check drawn on our Trust Account.

9. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 AS AMENDED: This Federal Law places special requirements for tax reporting and withholding on the parties to a real estate transaction under certain circumstances as set forth in the law. You should seek the advice of your attorney or accountant concerning the effect of this Act on this transaction. You will be required to execute a copy of the enclosed certification under penalty of perjury at the closing. If you do not plan on attending the closing, please be sure that your attorney or agent delivers the fully completed and executed copy of the affidavit along with the deed. The closing attorney for the firm can not and will not provide information, advice or opinions regarding the Act's applicability to you or to this transaction.

10. FEDERAL TAX LAWS: Since January 1, 1986 Federal Law requires the closing attorney to report the proceeds of the transaction to the Internal Revenue Service. Consequently, when you complete the attached form, be sure to include your Social Security or Federal Identification Number.

11. TITLE EXAMINATION: Please note that if, as the result of searching the title or we discover that there are any deficiencies or defects, they are not our responsibility to correct. We will require the owner of the property to clear such matters before we can proceed to close the transaction.

12. CLOSING: You should also be aware that most lenders require 72 hours notice in advance of the day of closing to prepare the loan papers and to obtain the funds. When applicable, there is no exception to this requirement, and it is therefore incumbent upon you to coordinate scheduling of the passing not only with our office but with the buyers and brokers as well.

13. CORPORATIONS: If you hold title to the property in a corporate name you should immediately take steps to secure the following documents:

1) a Certificate of Legal Existence from the appropriate State authority;
2) a waiver of any corporate excise tax

Borrower & Buyer Services:

Frequently Asked Questions

The Closing Process: An Explanation

What is Title Insurance?

How Our Firm Can Represent Your Interests at the Closing

HUD Information on Buying a Home

HUD Information on the Real Estate Settlement Procedures Act (RESPA)

Seller Services:

Closing Information That We Require to Process Your Transaction

Important Information Regarding the Sale of Your Home

Representing Your Interests as Seller