Frequently Asked Questions

What is a closing, and why do I need a closing attorney?

The closing day, commonly known as the “settlement day” or even a “ceremony,” represents the moment when every stipulation in the purchase agreement is satisfied, and the financial components of a real estate transaction are resolved. This encompasses the disbursal of funds, settlement of closing costs, and any essential municipal adjustments. Guiding this process is a closing attorney who ensures the fulfillment of legal and title prerequisites, proper execution of documents, funding of the transaction, and the recording of necessary documents in the relevant land evidence records or Registry of Deeds. The recording site is determined by the property’s location.

What documents should I bring to the closing?

Bring a government-issued PICTURE ID, final amount owed at time of the closing (in the form of a cashier’s check or coordinate a wire transfer (applicable to buyer)), and any documents your attorney or lender has instructed you to bring.

What is the HUD-1 / closing settlement statement?

The HUD-1 (Cash) or closing settlement statement (financed) is a document that outlines all the fees and charges involved in the real estate transaction. You will receive a copy of this document to review before closing as well as at the closing.

How long does a closing take?

On average, a signing will take 30 minutes to an hour.

Do I have to sign my documents in person, or can it be done remotely?

Physical Closing:
Typically, a seller pre-signs his or her closing documentation separately and has the seller’s closing attorney coordinate the delivery of the signed documents to the closing attorney’s office on or by the closing date. Physical gathering involves either the buyer or seller signing with their respective closing attorney in attendance. The closing occurs on the specified date outlined in the purchase and sale agreement or any extensions granted. Typically scheduled before 2 PM, this timing ensures that the transaction is recorded promptly, allowing for the exchange of keys and sale proceeds.

Remote Closing:
As a seller, opting for this method provides flexibility aligned with your schedule and availability to sign, contingent on the timely document submission to the closing attorney. Seller documents can be conveniently sent via mail or email for you to print, sign in the presence of a notary (which you can arrange, or we can facilitate).

As a cash buyer, e-signing, and wiring funds to the escrow account by the closing date is an option. However, a financed buyer must sign the lender’s closing documents on the actual closing date, making remote closings more challenging and necessitating further detailed considerations.

Do you send or accept wire transfers?

We DO NOT SEND wires, but we DO ACCEPT wires. For funds owed at closing, we only accept wire transfers to our Caputi Law IOLTA account. Our wire instructions are included with our welcome letter and buyer questionnaire and are sent with the final amount due at closing. Please do not be fooled by a wire fraudster/impostor trying to divert the wire to another account. Per the instructions, you are required to call my office at 401.250.5353 to get the last 4 #s of the account.