Closing on a Property
I’m a first time buying and I’m schedule to close on my condo tomorrow. I still haven’t gotten the final list of costs from my lawyer yet. Is that kind of normal to have everything at the last minute? Also, how long does a closing usually last?
I’m a first time buying and I’m schedule to close on my condo tomorrow. I still haven’t gotten the final list of costs from my lawyer yet. Is that kind of normal to have everything at the last minute? Also, how long does a closing usually last?
Your Lawyer should tell you to bring a certified check for some amount and personal checks just in case of minor variances.
The Title Company person will be in control and will no doubt skillfully execute everthing.
Closing durations can vary. I bought a condo and it took a little over 2 hours. I bought a 4 family house and it took 1 hour. I’ve heard of 10 unit building closings taking 6-8 hours.
As for the money, you might hear today. I was told by 3pm the day before so I could get to the bank and get the checks, but in general closing are never scheduled for the mornings so you can have time to do a walk-through, consult your attorney, get to the bank, etc. Last minute money stuff is always common. And bring your check book. There is usually a slight error in the numbers (by $100 or so). My condo closing I had to write a $250 check, my 4 family I think it was $125 or so (has to do with tax calculations/fluctuations and things like that).
Congrats!
Couple of hours if everything runs smoothly. Kinda last minute is normal-ish, but call your lawyer and find out when he’s got finals and what exactly you need to bring versus your bank.
Just general tip – it’s a confusing process and you’ll be the only one in the room that hasn’t gone through it a jillion times. If you don”t understand what’s going on, speak up and ask. No one is ripping anyone off, but large amounts of money change hands and it’s good to be comfortable with what’s going on. I was confused first time because the amounts don’t add up because of interest that starts accruing to you tomorrow, but your first payment may not be for a while.
Good luck, and congratulations!!