If you have bought one of the many amazing Boston Beacon Hill condos for sale and are scheduled to close soon, you’ll be happy to hear that research commissioned by the Washington Post in April 2018 indicates Boston condos is one of a few dozen American housing markets where condominium values are increasing faster than single-family residences.
The good news for Beacon Hill first-time buyers and those who have not sat through a real estate closing in recent years is that the process these days is just a formality. New laws, rules, and oversight have transformed the home buying experience into a transparent deal that leaves no room for unpleasant surprises. Nonetheless, each closing situation is unique, which means you should keep the following things in mind.
1. You Will Need to Present ID
A Beacon Hill condo closing is a legal transaction certified by a notary public who will need to confirm your identification. Be sure to bring your driver’s license or passport.
2. You Will Be Joining an Association
When you arrive at the closing table, you should have already reviewed the seller’s disclosures explaining certain legal aspects of living in a Beacon Hill condominium. It is important to understand your rights and responsibilities as a Boston condo owner and member of a condo association. If you have questions about what this entails, be sure to ask your Beacon Hill real estate agent or attorney prior to the closing.
3. You May Need to Bring Money to the Closing Table
Your real estate agent, mortgage company representative, or title agent will let you know in advance whether you need to bring money to the table. If a mortgage is involved, a processor or title agent will give you instructions as to what you should pay for and the method to follow, which in Massachusetts often involves placing the money in escrow and releasing it with a signature on the closing day.
4. You Can Place the Property in a Trust
Placing real estate in a trust is a strategy suitable for estate
planning, asset protection, and privacy. If you wish to place your condo
unit into a trust you have previously established, notify the trustee
about the closing, and consult with an attorney to make sure the
property is transferred as it should be.
5. You’ll Have an Opportunity to Ask Questions
There is a good chance many people will be attending the closing. Some will represent you while others may represent the mortgage lender, the seller, and the homeowners association. These individuals will likely have answers to your questions, so have a few prepared and feel free to ask.
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