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August 3, 2009
Preparing for Closing
Hi all,
I'm a first-time home buyer preparing to close on my place at the end of this week (woohoo!). I'm wondering what advice you all have on making sure one is prepared for closing. Any surprises crop up for people the day of that you wish you'd been aware of? Is all I have to worry about bringing my cashier's check for the closing costs and prepaid interest and showing up on time? Will of course check with my lawyer on all this (who's currently on vacation) but wouldn't mind advice from here.
Thanks!
Comments
Expect your bank attorney to be late. Expect the closing to last at least 2 hours.
Posted by: Miss Breukelen at August 3, 2009 9:39 AM
The day before, sometimes the day of, your closing, you will get a final statement of costs. There is ALWAYS some expense you didn't know about. Make sure you have a cash advance line on your credit card so you can cover it at the last minute. I once had to come up with an extra $14,000 with 4 hours' notice. They say it shouldn't happen, but I promise you it will.
Posted by: crat at August 3, 2009 10:03 AM
Bring several extra checks and be prepared to hand them out as your attorney tells you. There are always surprises: some unknow fees could appear, and who expected that some involved with a closing would get tips? Your best asset is a good lawyer who is on top of everything and has done this many times before, so be sure you bring his or her payment as well.
My first and second closings were a breeze, but for my last closing the lawyer for the bank was a total wreck; completely unprepared. The title insurer and I practically talked her through it ourselves. Be prepared for anything. Just keep all of your documents, files and checks organized and you'll do fine. Good luck and congrats!
Posted by: brikenny at August 3, 2009 10:12 AM
Make sure a couple of days before your closing, you get a copy of the exact breakdown of the closing cost from your loan officer. Also schedule your final walk through the day before or the morning of the closing so you don't have any hidden surprises.
Our closing took about 2 hours even though we did not get our exact bank figures until an hour into the closing. Read and make sure your attorney explains everything to you before signing. Also note that your attorney might suggest you tip the title agent.. its up to you.
Good Luck.
Posted by: namahs at August 3, 2009 12:51 PM
There will be something missed by your attorney and you will need to write more checks, but the catch is they will have to be certified checks from your bank, unless, your attorney will vouch for them and most likely s/he won't. So, you will have to get to your bank before it closes and get more certified checks.
And, be prepared to pay your closing person a tip of between $200 - $300 your attorney will tell you to pay. I guess this is the norm for NYC area.
Posted by: CookieCutterBrownstone at August 3, 2009 1:57 PM
Meant *title* person, not closing person.
Posted by: CookieCutterBrownstone at August 3, 2009 1:58 PM
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