A Preview to Closing Day
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In Attendance:
In the State of Rhode Island it is customary for the Buyer, Seller and their Realtors to attend the Closing. Closings usually take place at the Closing Attorney’s office.

Protocol:
The Closing Agent at the Attorney’s office will begin with the HUD-1Settlement Statement and review all monetary adjustments between the Buyer and Seller. All documents requiring the Seller’s signature, including the Deed of Conveyance are executed first. Once this is done, the keys to the property are transferred and arrangements are made for delivery of the Seller’s net proceeds after the Deed and Mortgage have been recorded. The Seller’s portion of the closing usually takes fifteen to thirty (15-30) minutes.

Once the Sellers have left, the Closing Agent will summarize for the Buyer all of the remaining documents to be signed. If you have any questions, be sure to ask. It is important that you feel completely comfortable with the process. The Buyer’s check should be in the form of a certified check or bank check, made payable to the Buyer. It will be endorsed over to the Attorney’s law office. The normal time allotted for the entire closing is one (1) hour. The Buyer should receive copies of all pertinent documents to be kept for safekeeping. Shortly after the closing the Buyer will receive from the attorney an Owners Title Insurance Policy. Likewise, keep it in a safe place. It is good forever, insuring the beneficiaries of your estate, even after you sell the property.

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