realestate
Real Estate

Preparing For Closing on a Home

Mon Apr 07, 2008 7:02 pm
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Having been through the process of finding the home of your dreams, and working through the conditions as set forth in the terms of your real estate purchase agreement/sales contract, the day for settlement/closing is fast approaching.

Preparing for Closing

What must you do to prepare for your day of settlement? First if your attorney, lender and Realtor have been actively engaged in the process, as they should be, you will have all the information necessary.

Your Realtor will probably join you at the day of closing. It is customary that the best Realtors will take the time to be present at the closing table along with your Attorney. I would encourage any buyer to ask, at the time you engage a Realtors' services if they will in fact do this service for you.

The lender should have an estimate of closing costs prepared, and forwarded to your attorney several days in advance of the closing date. Your attorney will advise you to bring a cashiers check for the amount prepared/calculated by the lender. Your attorney will receive a "closing package" from your lender a day before the closing date and sometimes even on the day of closing. It all depends how efficient the lender's mortgage unit conducts the entire process. Attorneys are typically accustomed to last minute issues and will usually respond in a positive manner to facilitate the closing process.

Your attorney will advise you if there are any other items, documents or other paperwork you should have with you at the closing table. Your attorney will have checked the closing package from the lender to ensure that all the terms of the mortgage are the same as set forth in your contract. This is a must to make certain that if you have a fixed or adjustable rate that it is the same rate that you agreed to with the lender.

Your attorney will answer and explain any questions you may have while sitting at the closing table. Make sure you ask any questions prior to signing any paperwork. If you sign all the documents and leave your attorneys office with questions, which were not posed to your attorney, then you will have only yourself to blame should there be any problems after the fact.

Once you leave the closing table and receive the keys to your new home all of the work is not done. Your attorney will have a member of his/her staff go to the Courthouse, probably the same day as closing or possibly the next business day depending on what time of day you closed, and record the deed of sale. It is essential to the process to have the deed recorded in a timely fashion. Your attorney cannot disperse any funds unless and until the deed is officially recorded in the local Courthouse of the County in which the property is located.

If at all possible, schedule your closing in the morning hours of the business day. It will allow the attorney and the attorneys staff sufficient time to record the deed for you the same day as closing.

It has always been a quirk of mine to advise buyers to avoid closing late on a Friday afternoon. The deed cannot be recorded until the following Monday, the next business day. To me that is just asking for unintended consequences. It is even more of a concern if the next business day is a Tuesday should there be a Monday Holiday.

Other Articles

Step One:

The Decision to Purchase Property

Step Two:

Attorney and Buyers Agent

Step Three:

Involving a Real Estate Attorney

Step Four:

Find ing a Realtor

Step Five:

Questions Buyers Should Ask

Issues:

Real Estate Law - Contracts



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