ITEMS YOU WILL NEED FOR THE CLOSING

Funds Needed

As the lender’s counsel, we will prepare a document called the “HUD Settlement Statement.” This is an itemization of all amounts due to and from the parties. Although we strive to provide at least 48 hours advance notice of the final amount needed, this is at times difficult due to several factors. There are many times when the “CTC” (lender’s clear to close) occurs less than 48 hours prior to closing, so we may not have the final numbers from the mortgage lender in a manner to allow as much advance notice as we would like. Once you have the final amount, you may either wire that amount to our “IOLTA” closing escrow account, or can obtain a bank treasurer’s check. We ask that the check be made payable to you, and be endorsed to our office at the time of closing. Adjustments for taxes, fuel and rents, if applicable will be completed at closing. Please bring a check with you to the closing in case of last minute adjustments such as fuel or utilities that need to be accounted for.

DO YOU RECOMMEND TITLE INSURANCE?

Every real estate attorney practicing in Massachusetts will answer yes, Kellem & Kellem included.  The implications of a title issue can be so substantial that we always recommend the purchase of a policy.  Considering the price of the home, you can understand why.

Valid Driver’s License

All lenders require a license and some lenders will request that you bring an additional form of identification.

Title Insurance

Lenders require the procurement of a lender’s title insurance policy. If you review the good faith estimate provided by the lender, you will see the premium for this insurance. Generally, title insurance provides protection against most defects in the title to the property that is being purchased and mortgaged. The lender’s policy protects only the interests of the lender (in the event the lender ever becomes the owner of the property), and does not protect you. Given the amount of your investment, it is generally considered prudent to purchase for an additional premium an “owner’s title insurance policy.”