A Purchase and Sales Agreement is a contract to buy and sell real estate (“P&S”). A P&S is signed by the buyer and seller and delivered to the closing agent, usually with a deposit check. The escrow is accepted by the escrow agent.  The P&S should contain the terms and conditions of the deal (i.e. buyer, seller and property information, sales price, closing date, deposit information, mortgage contingencies, property inspection, etc.).

When you’re buying a home from a seller, you’d likely assume that the seller is entitled to sell the home in question. However, that assumption can lead to heartbreaking consequences if someone else with a claim or lien on the property shows up on the doorstep. A property title search examines public records on the property to confirm the property’s rightful legal owner. The title search should also reveal if there are any claims or liens on the property that could affect your purchase.

F1RST FUNDING will prepare any and all documents required of the party in which we represent in order to quickly and efficiently close on the transaction

The real estate closing will usually occur at the lawyer’s office for the buyer of the real property. Occasionally, the closing may occur at the lender’s office or a real estate agency, or even the registry of deeds in MA or in RI at the town hall.

Buyers will need bring a bank check or certified funds to real property closing, or if possible, have a wire transfer sent at least a day in advance of the closing to the Settlement Agent. If good, verifiable funds are not present at the time of closing, the recording of the documents will be delayed, and the buyer may not be able to move into the new home. Personal checks or cash are acceptable in nominal amounts up to a maximum of $1,000.

There are a number of post-closing matters, including the following: updating of the title; recording of the deed, mortgage, and other related documents; payment of city taxes, water, sewer, tax stamps and recording fees; payoff of any existing mortgages; other payments (i.e. seller’s attorney, realtor commissions, title insurance, etc.); disbursement of funds to the seller; and generating the title insurance. F1RST FUNDING will handle all of this, and provide the appropriate parties with copies of the final products.