The Closing (aka Passing Papers)

After all the requirements for your loan are fulfilled, the lender will inform you of the date, the time and the location where the closing will occur. The term “Passing Papers” is an accurate description of this process as you will be presented with an abundance of papers for your initials and signature. Pay close attention to how and where the closing attorney instructs you to sign as these are legal documents that must be executed properly.

The lender will provide you with a document referred to as a HUD Settlement sheet that will outline all of the details for your loan including what your monthly mortgage payment will be, what it will include and what your final closing cost will be. You will also be instructed as to how the money that you will need to bring to the closing. I highly encourage you to bring along your checkbook for any costs that could have been overlooked, but required at the time of closing.

Once all the documents are signed, the closing attorney will need to have the deed recorded at the Registry of Deeds for the county in which the property is located. He will instruct you not to enter the property until at which time you have been notified that the deed has been recorded.