Closing (Who Knows What?)
Okay, so we’re closing on a coop soon. Like, really soon. Aiming for before Christmas. Suddenly I’m looking at all these documents and getting a little dizzy. Our lawyer came highly recommended but she’s impossible to get ahold of and hasn’t been much help. I’m done asking the realtor questions — he has no freaking…
Okay, so we’re closing on a coop soon. Like, really soon. Aiming for before Christmas. Suddenly I’m looking at all these documents and getting a little dizzy.
Our lawyer came highly recommended but she’s impossible to get ahold of and hasn’t been much help. I’m done asking the realtor questions — he has no freaking clue.
So we’re in this situation. We’ve got a deposit in escrow. We’ve got money in the bank. We’ve got stacks and stacks of papers.
But … who is supposed to know what happens next? Does someone (who?!?) give us a list of cashiers checks that we’re supposed to bring to the closing? Should we just withdraw our life savings in small unmarked bills? Are we just supposed to know that, magically?
Seriously: we’re entering terra icognita here. Anyone want to walk me through the next few steps?
WALKTHROUGH. Once your lawyer informs you of the closing date, make sure to schedule a walkthrough of the premises prior to the closing to make sure everything is in the same condition as when you last saw the place.
When I was buying, I also had to move funds from an online account and did not have time to do that – had to wire the funds to the checking account and then get the certified checks. Also, I did not get the final cost breakdown until 4pm the day prior to closing. It was nervewracking, but the closing can’t be done and the lawyers don’t get paid until you sign, so it’s in everybody’s best interest to have you ready for the closing.
Your lawyer will schedule it with the others, and let you know when it is.
You didn’t say whether you had mortgage approval – I’m assuming you do (the bank will tell you), as most boards won’t interview you until you have that final approval to add to your board application.
Once mortgage and co-op approval are done, you are ready to schedule a date – those are usually the only things you are waiting for. Unless your sellers aren’t ready to move as of yet – have they moved out yet? are they buying something else that may be delayed in closing? Find out. Get on your lawyer.
PS. I should have added board approval to the list of things we have. We have that.
More thanks.
Information does seem to be trickling in.
Who actually schedules the closing? Do the lawyers magically do that? The realtor? Seems like a lot of people to coordinate.
closing in December is always tricky, everyone is busy, I hate to say it, but be prepared to close next year..
Not exactly useful advice at this stage of the game.
While their lawyer is likely deficient in providing good customer service, if she came recommended, she can likely handle the closing (it’s not that hard – in most places closings happen without attorneys involved.)
Why people recommend those who can’t be bothered to return calls to clients is a mystery to me….
don’t listen to anyone here.
Get a new laywer!
At my coop closing, my mortgage bank required a copy of the building’s insurance coverage (1st page of policy), but they didn’t require ME to have insurance I don’t think. I got that on my own, that same day, to be sure I was covered for fixtures that were added since the building was converted to coop, like the renovated kitchen’s cabinets – as items added after conversion to coop are covered on your own personal policy with your possessions, and aren’t covered on the building’s policy. Coop insurance is like renters insurance plus – it covers the later added fixtures which aren’t covered not covered by the coop’s policy. Good to have for your protection, even if your mortgage bank doesn’t require it. It’s cheap. Also got an umbrella policy that wraps my auto and coop coverage – that’s also cheap. The expensive insurance policy is the one the coop has on the building, which covers your apartment from the outside, up to the paint on your walls is how I think it is usually explained.
Being a small coop, I had to track down the insurance page from the coop board. I would hope a larger coop’s managing agent would have that information on hand already.
As to doing nothing with utilities, I was referring to the poster above who was talking about the bank getting a final utility bill info – I think that’s referring to the buyer paying for oil left in the tank, or making sure the gas company hasn’t stopped providing gas to heat to a home so the pipes don’t freeze – (it happens – worst closing story I ever heard – pipes burst while parties were at the closing because seller stopped providing heat) – this you don’t have to do if you don’t have individual heating. Electric (and gas for your apartment, if any), you do what you do when you rent a new place – call the utility company to come do a reading and start billing you after the closing date.
I’ve never bought/sold a coop, but it’s probably the same as a house….
If the appraisal is done, the title search is finished and you have your commitment from the bank, you should be able to close fairly soon.
Do you have your homeowner’s insurance? I know on houses, you can’t close without that.
Lawyer will give you numbers day before.
Bring photo ID and spare checks to the closing.
Once you get the date, make sure to set up your heat and electric, just like any other move.
Good luck!