Real estate transactions in Massachusetts are somewhat different than closings in many other states. Instead of signing papers at a title company, homebuyers typically sign in front of an attorney. Having a real estate lawyer oversee closings limits the likelihood of professionals with minimal education making errors that can complicate the transfer of ownership and other key components of a real estate transaction.
Buyers need to come to the table prepared for all of the requirements of the closing process. Typically, they need to bring certain documentation with them to the table. What personal documentation do buyers need for their closing appointment with a Massachusetts real estate attorney?
State-issued identification
The most important documentation is something that most people carry with them every day anyway. Part of the attorney’s purpose during a real estate transaction is to validate the identity and legal capacity of the people completing the transaction. As such, buyers generally need state-issued identification. Driver’s licenses and passports can fulfill this requirement.
Proof of insurance
Mortgage companies impose numerous obligations on buyers that extend beyond what the law requires. Those financing real estate purchases typically need to acquire homeowners insurance policies that take effect on the date that they assume possession of the property. They need to maintain adequate coverage based on lender requirements. Bringing policy documents to affirm that buyers have met the key requirements can help facilitate a smooth closing process.
A copy of the settlement statement
Technically, there will be original documents for the buyers to review and sign at the closing table. Any documents previously provided to them may have since undergone revisions. They don’t necessarily need to physically bring the settlement statement with them. However, buyers generally need to understand the amount of cash due at closing and therefore need to have reviewed a copy of the settlement statement beforehand. Having a copy that they reviewed and approved previously can help ensure that they have the necessary certified funds for closing, including any amounts required to fund escrow accounts.
Having appropriate documentation and an understanding of the process can make it easier for buyers to complete residential real estate transactions. People who prepare themselves before closing are less likely to feel stressed out and anxious during the actual signing process.
