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The Ultimate Guide to the Boston Home Closing Process

ADAM UMINA

LICENSE BROKER #9569629Adam grew up in Newton MA, attending Newton South High School before earning a B.S...

LICENSE BROKER #9569629Adam grew up in Newton MA, attending Newton South High School before earning a B.S...

Sep 23 1 minutes read

The journey to owning a home leads you through several steps, culminating in the closing process. While it may appear complex and cloaked in mystery, closing is quite the opposite in Boston. By breaking down this critical phase, we aim to reduce your stress and clarify what happens when you're on the threshold of homeownership in this historic city.

Pre-Closing Preparations in Boston

In Boston, the pre-closing phase is vital to ensure everything runs smoothly on closing day. This phase typically includes:

Final walk-through: Buyers will take one last look at the property, ensuring that everything is as was agreed upon. Given Boston's unpredictable weather, checking for any last-minute changes because of recent storms or changes in condition is wise.

Document review: Both parties will examine crucial documents such as the closing disclosure, deed, and mortgage paperwork. Thanks to advancements in technology, pre-signing certain documents can significantly expedite the process on the actual day.

Funds preparation: Buyers must arrange the transfer of funds for closing costs and the down payment, usually through a cashier's check or electronic transfer. Given the competitive Boston real estate market, having these funds ready promptly can be integral to a seamless closing.

The Waiting Game

In Boston, from the moment your offering is accepted to when you hold the keys, the process spans around 43 days on average. Much of this duration is due to securing financing—often the lengthiest step. With the city's dynamic market, lenders are accustomed to working efficiently to not delay closing.

Closing Day in Boston

When closing day arrives, several key events unfold:

Meeting of Parties: Buyers and sellers, alongside their real estate agents and the closing agent (typically a lawyer or representative from a title company in Boston), meet to finalize the sale. It’s common for these meetings to happen in either the attorney’s office or title company office in Boston.

Document Signing: This phase is the heart of closing, where both parties sign off on the financial transactions, property deed, mortgage documents, and any additional affidavits—which in Boston, could include specific state or city-related disclosures.

Fund Transfer: Buyers complete the payment for the home's balance and closing costs, usually through a cashier's check or wire transfer. The closing agent then ensures these funds are dispersed according to the settlement statement.

Key Exchange: With documents signed and funds distributed, sellers hand over the property keys—and perhaps any important codes or remotes, a small but crucial detail, especially if you’re moving into one of Boston's historic homes with modern security systems.

Post-Closing in Boston

Even after the ink has dried and keys are in hand, a few steps remain:

Document recording: The closing agent files the deed and mortgage paperwork with the local government—essential for officially cementing your ownership in Boston's public records.

Title transfer: This is handled by the title company, ensuring that the property’s title moves to you, clear of any encumbrances.

Move in: Now, you’re all set to move into your new Boston home. It's a moment worth celebrating—congratulations!

Conclusion

While the journey to closing on a home in Boston involves numerous steps and can initially seem daunting, understanding what to expect makes the process more manageable. Remember, a seasoned real estate agent by your side can smooth out any potential bumps in the road, guiding you to a successful property purchase in Boston.

Looking to buy or sell in Boston and seeking some expert assistance? Reach out, and let's make your real estate goals a reality.

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Get in touch. We'll guide you through every step of the process to ensure a smooth transaction that meets your goals.

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