FREQUENTLY ASKED QUESTIONS
VIEW QUESTIONS BELOW
What does "Closing Statement/HUD" mean?
It's a financial statement that summarizes all the fees and charges for the Seller and Buyer at the final exchange of monies and transfer of deed. The form is usually referred to as a HUD which is under the jurisdiction of the U.S. Department of Housing and Urban Development.
What's a "Deed"?
A deed is a legal document in writing which transfers the property which is signed by the seller and recorded at the registry of deeds in the town where the property is located.
What's a "Warranty Deed"?
A warranty deed is a legal document that transfers property
ownership from a seller to a buyer. Warranty means the seller will protect the buyer if there are any defects in title, including prior mortgages, liens, and judgments.
Who is a "Grantee" and who is the "Grantor"?
The Grantee is a person to whom real estate is
conveyed; the buyer. A Grantor is a person who conveys real
estate by deed; the seller.
What should you bring for the day of the closing?
- Valid form of ID
- Any recent paid utility receipts
- Purchase and Sales Agreements and any addendums
- All house keys
- All garage door openers
- Smoke/Carbon Monoxide Certificate
- If condo: original Resale Certificate
What does "Affidavit" mean?
Affidavit is a statement of declaration reduced to writing, and sworn or affirmed to before some officer who has authority
to administer an oath or affirmation.
What does "Easement" mean?
Easement is the legal right of way a certain individual has to use the property of another without owning it.
What's an "Encumbrance"?
Encumbrance is a claim, lien, charge, or liability binding to the property, such as a judgment, unpaid taxes, or a right of way that may diminish the value.