DAVID, WE JUST SIGNED AN OFFER; WHEN CAN THE MOVERS COME?
Generally when the buyer is getting an institutional first mortgage, the closing process should take eight to ten weeks (assuming there are no title problems). I would advise holding off on booking the movers for now, however, and wait to see if your transaction is indeed an average deal. The movers probably will not need much lead time, and you do not want to commit to a date you cannot honor.
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I THOUGHT THE SELLING BROKER REPRESENTED ME AS A BUYER.

No. All brokers represent the seller unless they specifically are engaged as a "buyer's broker." You should have received a notice explaining this when you first began dealing with the broker in question.
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DAVID, WHY CAN'T I TAKE MY CHANDELIER AND BUILT-IN BOOKCASES?
They are fixtures and attached to the property in such a way as to make their removal impossible without altering the property. If you wish to take them, they must be deleted from the purchase and sale agreement's description of the premises to be sold, and any structural changes made must be remedied (i.e., the light fixture must be replaced with another, and the wall behind the bookcases repaired).
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WHY CAN'T WE MOVE IN EARLY/STAY ON AFTER THE CLOSING?
Because you do not own it yet/anymore. If coordinating moving dates is a real problem, we can try to arrange for a use and occupancy agreement--but it should be in writing and address issues such as responsibility to insure, assumption of liability, possibility of damage to the property and a contingency in the event that the owner has to evict in order to regain possession.
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WHO GETS THE INTEREST ON THE DEPOSIT?
That is a matter for negotiation at the purchase and sale agreement stage. While both parties feel the money is theirs pending the closing (and both have good arguments to support such statements: the seller's being that the money is part of the purchase price and is held in escrow only as a matter of custom; the buyer's being that the money is held in escrow until the seller performs by delivering a deed), I suggest that we split the interest in half. (Considering the attorneys' hourly rate, why waste time haggling over a small percent return?)
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LET'S GET TO THE BOTTOM LINE. WHAT WILL OUR CLOSING COSTS BE?
It depends on the loan program offered by the lender. Even if you choose a no-point program, you will pay various fees including a credit report/appraisal fee of approximately $300, some of which may be prepaid, one year's hazard or home owner's insurance (if applicable) and interest in advance for the balance of the month in which you close. In addition, the lender will collect the prepaid escrows for taxes (which when "netted out" against the tax adjustments will equal about three months' worth), hazard insurance (usually for two months, based on the actual premium) and private mortgage insurance if applicable (for two months, based on the actual premium). Depending on the lender and the program, there may also be charges for document preparation (usually $150-$300), a tax service fee (usually $70-$100), courier fees ($25-$45) and various miscellaneous charges ($76--assignment; $25--certified copies).

The bank attorney will collect and disburse for recording fees ($300), title abstract ($150), municipal lien certificate ($50), plot plan ($125-$150), title insurance, and his or her fee.

ALWAYS REFER TO THE GOOD FAITH ESTIMATE PROVIDED TO YOU BY YOUR LENDER

WHAT IS TITLE INSURANCE AND DO I NEED IT?
It is a policy of insurance that protects the lender and (if purchased by the buyer) the owner of the property from claims against the title to the real estate. While attorneys must certify to buyers that the title to the property is good (if such certification is made to the lender), as a practical matter, the owner will not be able to rely on such a certification if the attorney is deceased or otherwise not available. In such an instance, the insurance policy would cover where the attorney would not.
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WHAT ARE "POINTS"?
Points are fees charged to bank customers for the use of money. Although charged in many kinds of loan transactions, they are most commonly thought of in connection with residential lending (this type of loan is also the only one in which the amount of the fee is regulated by state law: points are capped at one percent if the loan is not to be sold in the secondary market and at two percent if the loan is intended for sale). A point is calculated at one percent of the loan amount; thus, on a $160,000 loan to purchase a $200,000 house, one point would equal $1,600; one and a half points would equal $2,400; and two points would equal $3,200. You may choose a "no-point" loan but the rate will be higher than a loan in which you pay points.

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WHAT IF MY PROPERTY FAILS THE SEPTIC INSPECTION?

In most cases, when a property's septic system is inspected in anticipation of a sale, and the system fails the inspection (called a "Title V" inspection), the septic system must be repaired or replaced within two years. If the septic system cannot be repaired prior to the closing, it can in some cases be repaired afterward. For example, with a failed Title V inspection in a case where a buyer is obtaining mortgage financing to buy the property, a mortgage lender would typically require a hold back from the seller proceeds at the time of transfer. Most lenders will require three estimates for replacing the system, and then choose the highest estimate and require a hold back of one and a half times the amount of that estimate to be held in escrow until such time as the problems are resolved.

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DAVID, WHAT IS A TITLE PROBLEM, AND HOW CAN IT AFFECT MY CLOSING?

A title problem is a cloud or a defect in the chain of legal ownership of real property. In Massachusetts, the "chain of title" is usually examined backwards for fifty years to ascertain whether a person who is selling or mortgaging a property has "good, clear, marketable" title to the subject property. Frequently, a title defect may be found by a title examination which must be remedied prior to either a sale or refinance of the subject property. A very common example of a title problem is an undischarged mortgage, i.e., a mortgage that was paid-in-full in the past, but never released from the title of the home. This problem is typically solved by tracking down the release or discharge of the mortgage, and recording it at the Registry of Deeds. Often a real estate closing is delayed until the problem can be resolved.
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