Real Estate Closings in Rhode Island

The following information may be helpful in preparing for your real estate closing and in insuring that the closing goes as smoothly as possible.

Please be sure to read your mortgage commitment as to all of the lender’s requirements. It is most important that all conditions specified by the lender be satisfied on a timely basis, prior to closing. The lender will set the closing date and time only when all conditions have been met.
If you have any questions regarding the lender’s conditions, please contact the lender directly. The Attorney’s office has no authority to waive or modify the lender’s conditions.

Upon completion of the loan application process, the lender will instruct your Attorney to order the title examination and to obtain the municipal lien certificate (“MLC”) from the city or town where the property is located.
The lender will not allow the loan to close without these documents. Generally, this office requires approximately one week to secure this information. Please review the Purchase and Sales agreement to be sure that the deadline for closing is consistent with these time constraints. If not, kindly notify your Attorney and your real estate broker immediately and make arrangements for an extension, if necessary.


One of the most under estimated factors during the closing process is the various settlement charges or closing costs. Your mortgage company will provide a document to you entitled “Good Faith Estimate”. While this document is a helpful guideline, we urge you to contact our office to discuss other settlement charges.

Please make arrangements with your insurance agent to obtain the homeowner’s insurance policy or binder, a week prior to the closing. The lender will also require a paid receipt for one year. The lender will require this information in order to close. The policy or binder must name the lender in the mortgage clause as loss payee and include the phrase “It’s successors and assigns as their interest may appear.” The lender’s address also should appear on the policy or binder. The property must be insured for at least the loan amount or the full replacement value of the property. If the property is a condominium, the Master Policy and a unit certificate of insurance will satisfy the lender’s requirements. The certificate should name you as the owner of the condominium unit. The certificate must name the lender as loss payee and include the phrase “It’s successors and assigns as their interest may appear.”


iStock_000000281614Small-sThe “title” to the property is the owner’s right to possess and use the property. In order to transfer a clear title to a parcel of land, it is first necessary to determine whether any rights have been acquired by others and are outstanding. The title search is a detailed examination of the historical records concerning the property. These records include deeds, court records, property and name indices and other documents. The purpose of the search is to verify the seller’s right to transfer ownership and to discover any claims, defects and other rights or burdens on the property.



The balance of the down payment on your purchase plus all closing costs should be paid with a bank check or certified check. Unfortunately, personal checks and checks drawn on money market funds are not acceptable, unless the check is certified. Your check should be made payable to the Attorney handling your closing and should be brought to the closing.
The closing attorney will provide you with the exact amount of your closing costs immediately prior to the closing date.