1. Obtain an attorney to prepare and negotiate Purchase and Sale Agreement.  Your attorney will also advise you on problems/issues that arise between the signing of the agreement and the closing.  Your attorney will draft the deed and power of attorney.  If a power of attorney has been granted the Seller is not required to attend the closing.  Your attorney will review the Settlement Statement, attend the closing, sign Seller’s documents if a power of attorney has been granted and collect or direct the payment of proceeds.  The fee for representation of the Seller’s interest at passing of papers is approximately $700.00.

2. Provide your attorney with your current mortgage and equity line information, if any (bank’s name, address, telephone number, account number and your social security numbers).  Recording fee for discharging the outstanding mortgage is $75.00 each and is collected at closing by the lender’s attorney.  There may also be an additional fee of approximately $75.00 for obtaining mortgage discharges and over night fees which will be collected at closing by the lender’s attorney. 

3. The payment of Massachusetts Excise Stamps is collected at the time of closing.  This is a tax on the Seller by the Commonwealth of Massachusetts and is based on the sales price of the property.  The current tax rate is $4.56 per thousand dollars of the sale price.  For example, a sales price of $100,000 would have Excise tax due from the Seller of $456.00.

4. Adjustments for unpaid taxes, fuel, water, sewer, and rents, if applicable, will be made at the closing.  Oil adjustments, if any, can also be made at the closing.

5. Obtain Certificate of Compliance for smoke/CO detectors for the local Fire Department (valid for 60 days), final water and sewer reading and Light Lien Letter for municipal light department, if applicable.  Your realtor can assist you with these items.

6. Obtain wood stove permit from local Fire Department (if applicable).

7. If private sewer/septic system/cess pool, then a Title 5 Certification will be required prior to closing.  It is recommended that this be done at the point of listing the property with your realtor.  These are valid for 2 years from issuance.

8. The title to the property will be searched prior to the closing and if any title issues or problems are discovered then the Seller is responsible to clear them prior to closing.  Your attorney will assist you with this and if you don’t have an attorney you may want to consider hiring one.

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