As a Massachusetts resident who is soon to be dealing with a real estate closing, you will be looking at the involvement of a number of different parties in this final step. Here are just a few of the people or entities that may be involved in your real estate closing.
First, the Consumer Financial Protection Bureau (CFPB) defines what the closing of real estate is. It is essentially the final step when buying or financing a home. At this point, all parties involved will be called in to sign the documents necessary for the mortgage loan transaction.
A closing may possibly involve a number of other parties, including the seller’s attorney and your attorney. Your realtor or real estate agent will also possibly be present, along with an escrow company. Your title insurance company may be there. Your lender, on the other hand, has the option of whether or not they would like to attend the closing. Some may, while others may pass.
In some states, a closing may take weeks to complete as signatures are collected separately from every individual. In others, everyone may come together in one sitting and sign all of the necessary documents at the same time. These days, electronic signatures are also gaining popularity for the convenience they offer.
If you plan on going into a real estate transaction soon, you will need to prepare for all steps of the process, including the closing. You may want to contact an experienced real estate attorney who can show you what to expect and help guide you through the experience.