Keep or Shred? A Post-Closing Document Checklist

pfhhwdd75far2r6tsvlzThe transaction has closed! The sellers are eager to get on with their move. The buyers want to start unpacking. But when the handshakes are over, everyone will leave with a daunting stack of paperwork. How much of it needs to be retained, and what role should the agent play in ensuring the right documents are kept?

“It’s important to me that clients understand the importance of their closing documents,” said veteran agent Lynne Eliopoulos at ERA Key Realty Services in Framingham, Mass. “I’m happy to provide clarification as needed, and I encourage my clients to keep all the paperwork in a safe, secure place, because much of it will be needed for tax purposes or when and if they ever wish to sell.”

While some of the paperwork may vary from state to state, much of the closing documentation is standard in all cases. What are the documents buyers and sellers should file away for future reference?

For Buyers:

  • Closing Disclosure/ALTA Settlement Statement– Itemizes all loan fees, points, hazard insurance, commissions, title insurance fees and other buyer costs associated with the closing. The Closing Disclosure also summarizes the terms of the mortgage loan, including the annual percentage rate and rescission period.
  • Deed of Trust and Note – Spells out the legal terms of the mortgage obligation and the agreed-upon repayment terms
  • Deed – Transfers ownership to the buyer (the original deed is retained)
  • Affidavits – Binding statements by either party – such as an affidavit signed by the seller stating they have not incurred any liens
  • Riders – Any amendments and/or addendums to the sales contract changing and/or adding to original terms
  • Insurance Policies – These provide a record and proof of coverage
  • Disclosure/Inspection Data – Copies of seller’s disclosures, records of home and pest inspection and proof of any repair work done

For Sellers:

  • Seller Closing Disclosure/ALTA Settlement Statement -– Itemizes all seller costs including the payoff of all seller encumbrances/liens against the property
  • Owners Title Policy – Evidences your right to sell the property
  • Deed –Transfers title to the buyer upon closing (a copy is retained)
  • Mechanic’s Lien Waivers – Provides assurance that an unpaid contractor will not place a lien on the property for pre-closing work
  • Bill of Sale – Documents any personal property items you are selling along with the real property, such as a barbecue grill, furnishings or light fixtures

Contact your title agent for more information on how you can keep your clients informed, even post-closing.

About the Author

Greg DiGiorgio is a highly reviewed Arlington MA Realtor who is a dedicated, passionate, and market-savvy professional who puts his clients’ satisfaction before all else. His attention to detail, superior people skills, broad knowledge of the real estate industry as a whole, and his pure determination to indulge his clients with first class service sets him apart. In addition to Greg being an Accredited Buyers Representative-ABR, he understands the power of creative, well-organized and highly effective marketing and offers customized marketing plans that maximize property exposure to the most qualified buyers. He has appeared several times on Fox 25 News where he was interviewed on current market trends and conditions. A real estate transaction is really about managing people, their desires and their finances. It is an intricate and consequential negotiation.


Greg understands that it is important to secure not only the most able buyer, but also to the one that is most likely to close the deal. When so much is at stake, Greg is the one you want to represent you. His fair yet aggressive negotiating style and protectiveness of his clients’ best interests and ultimately, their assets, has gained his respect with colleagues and clients alike.


Greg also knows that every transaction represents the most important purchase or sale a person can make, and he takes every precaution to ensure that communication is impeccable with all parties involved from beginning to end. Whether it’s patiently guiding first time buyers through this exciting process or following through with clients’ needs long after the transaction is over, Greg’s warm, caring yet efficient business style will turn you into a client for life.


Driven


Greg grew up in the Greater Boston area and has a deep appreciation for the North East way of life. He attended The University of Massachusetts at Dartmouth where he graduated with a Bachelor of Science degree in Marketing, with a concentration in Marketing Research. Greg’s professional background is rooted in the technology sales & marketing. As a result, he learned to adapt to many different people and situations quickly and competitively. The insight that he has gained from many years of involvement in bringing all components of a transaction together smoothly has granted him a unique perspective and approach to the real estate industry. His enthusiasm and tenacity has allowed him to emerge as one of Greater Boston’s finest Realtors, and one of the highest reviewed amongst Arlington MA Realtors!


My Goal


My goal is to provide the best experience possible to my clients while helping them achieve their real estate goals. My streamline systems and use of technology ensure a smooth ride along the way. Whether it’s a first-time buyer, a seller, or investor, I strive to gain lifelong clients and friends by providing them with a fun, relaxing, but yet educational experience throughout the entire process.


Objectives for my Buyer Clients


Counsel session to determine wants & needsSchedule times to view properties

Run comparable analysis report for subject property

Help negotiate terms of the offer

Provided options for home inspectors

Help negotiate & finalize terms of Purchase & Sale Agreement

Assist in finalizing finances with Mortgage Broker

Handle any other paperwork and/or tasks including meeting mortgage commitment deadlines to making sure the transaction closes on time.

I keep an open door policy with all my clients even after the sale should they have any questions, or need help with any of their real estate needs. The closing of a real estate transaction is not the end, but just the beginning of a relationship.


Objectives for my Seller Clients


Listen carefully to make sure your goals and objectives are clearly understood

Explain the home selling process thoroughly

Discuss agency relationship

Price your home accurately

Stage your home for sale

Plan & implement a proven & innovative marketing plan

Work diligently to sell your home quickly and efficiently

Follow up with open house leads & showing brokers to obtain feedback

Work hard to ensure that each step of the transaction is running smoothly

To ensure that all smoke & carbon monoxide detectors are installed and working correctly, and to obtain certificate from town/city

To obtain final payoff for city/town water bill

“Most Importantly to communicate with you consistently and efficiently throughout the entire home selling process”

Certifications and Recognitions


Winner of Leading Edge Real Estate’s Outstanding Creative Marketing Award. Certified Residential Specialist (CRS)

Accredited Buyers Representative (ABR)

Member of the Institute of Luxury Home Marketing (ILHM)

Licensed Massachusetts Real Estate Broker

Member of Greater Boston Real Estate Board (GBREB)

Member of National Association of REALTORS (NAR)

Zoning & Building Codes Certificate

Residential New Construction Certificate

Title V Certificate