The closing will almost always take place at the closing attorney’s office. Buyer and seller close at the attorney’s office together and keys are exchanged at the closing. If a buyer is out of state or out of the country, a Power of Attorney must be present to sign the documents for the buyer. The attorney will then record the new deed at the town hall. Once on record, the transfer of property is official. The recordation may be that afternoon or the next morning.
Buyers, sellers, their agents and the lender will be given a settlement sheet showing the closing costs beforehand (federal regulations require this be provided to the buyer 3 days before a closing can occur), so there are no surprises, and the buyer will know exactly how much his cashier’s check or wire transfer should be for.
Your loan officer will have gone over the final closing costs involved with the closing, as well, prior to the closing.
Other closing costs will consist of the attorney’s fee, recording of the deed, pre-paid interest (since mortgage payments are due on the first day of the month and properties can close any day of the month, the interest will be pro-rated and paid at this time), homeowners insurance and tax payment to the escrow account, a survey deletion fee (surveys are generally not conducted in RI), title insurance and tax, water and fuel pro-rations to the seller.
At the closing, you will sign the deed, mortgage, promissory note and other loan documents. You will need to bring a photo identification.