BUYER/BORROWER INFORMATION

Our office will serve as Settlement Agent for your Lender in matters relating to your request for a mortgage loan. Once we receive the title order from your lender, we will commence an examination of the title, ordered a Certificate of Municipal Liens from the Collector of Taxes and, if required, ordered a mortgage plot plan for the lender’s records.

Once we have received your lender’s clear to close, we will notify you to arrange a convenient time to close the loan. We will also advise you of any funds you may need to complete the transaction. Should you be required to bring funds to closing, those funds must be wired to our IOLTA account to be received no later than 10 a.m. the morning of your closing. In some cases, certified checks of $1,000.00 or less may be acceptable.

Please review the lender’s commitment letter carefully. If special conditions are required, they must be met PRIOR to closing to the satisfaction of your Lender’s mortgage department.

Please review the below items carefully so that you are prepared for your closing: 

1.   INSURANCE.  (a) Before the closing, you must make an application for a homeowner’s insurance policy with coverage in an amount at least equal to the total of all outstanding mortgages on the property or guaranteed replacement cost coverage of all insurable buildings and other improvements on the land, whichever is less.  (b) The insurance policy or binder must name all of the persons who will hold title to the property.  (c)  Your lender may require a paid receipt for the first year’s premium prior to closing.  (d) Your lender or our office will provide your insurance agent with the correct mortgagee clause for the insurance binder required at closing.

2.   FLOOD INSURANCE.  If the premises are located within a specially designated federal (HUD) flood hazard area (Zone A), then flood insurance is a mandatory requirement. You must provide a flood insurance policy application together with a paid receipt for the full first year’s premium before the closing. Please note that if the premises are located within zone B, flood insurance is not required although it is highly recommended.

3.    TITLE INSURANCE.  A lender’s policy of title insurance is required for this transaction which we will obtain at your expense.  You may wish to purchase an owner’s policy of title insurance which we can obtain on your behalf.  The premium for an owner’s policy of title insurance can be quoted to you by calling the paralegal in our office handling your file.

4.   CONDOMINIUM INSURANCE.  If the mortgage involves a condominium unit, your lender will require a Certificate of Insurance from the insurance carrier for the condominium naming you and your lender.  Please note that you may be required to purchase an additional H06 insurance policy if the condominium insurance policy does not provide guaranteed replacement cost coverage.

5.   OUR CERTIFICATE OF TITLE.  We will certify to your lender and to you that the title to the premises meets the stated standard of good, clear and marketable title of record, only if required by M.G.L. C.93, s. 70.   The Certificate of Title only covers matters that are recorded at the Registry of Deeds, not verification of Building and Zoning compliance. Our certification to you should not be construed as establishing an attorney/client relationship between you and our office. The services we render are only on behalf of the mortgage lender, and we cannot advise or counsel you relative to the transaction.  If you wish to obtain legal advice regarding the quality of the title or with regard to some other aspect of the transaction, you should retain independent counsel.