Getting Ready for Closing?
You are so close that you can taste the end of the home buying process, and it is time to get ready to close the deal. Nobody wants to hit a snag or have any problems in these final stages, so it is important to make the right preparations. The goal is to have your real estate transaction finish smoothly and on time.
Take the time a few days before the closing date to go over your entire final closing statement. This might also be known as your HUD-1 Statement, depending on what area of the country you live in. Consider all of the calculations you see in this statement, and make certain that you receive credit for all deposits and any other credits the seller might owe through other agreements. Analyze all of the fees, including those associated with the lender, the title, and escrow, and make sure they line up with everything you have previously discussed and agreed upon. Though it may seem silly, you should also go ahead and check all of the arithmetic on the final statement. Believe it or not, mathematical errors actually do occur in closing documents.
Next, carefully review all documentation, looking for any inconsistencies. Look over the guarantee of title, reading all of the fine print about the description of the property, liens, encumbrances, or any other factors that might be included. If you find anything that you do not agree with, have it removed. The escrow or title agent should have the proper vesting that you have chosen so that you may take title in the way you choose. Changing the vesting takes a great deal of time, and if it is not noticed until closing, it can delay the entire transaction.
Even if you have looked at the property over a hundred times, make one last inspection to make sure everything is in order. Everything should be exactly how you are expecting it at this time. All agreed repairs and maintenance should be complete, so it is wise to double check so that you do not find a big surprise on move in day. If there are any conditions in your purchasing agreement, these things should be complete.
Protecting your interests in a real estate transaction is extremely important. A small miscalculation or oversight might end up costing a good deal of money and affect your entire mortgage. Double check everything from arithmetic to interest rates, to fees and the property itself. When you come across one small mistake, you will be glad you did.
About the Author: Peter Dellane is the President of Ability Mortgage Group, LLC, A leading Maryland Mortgage company offering low costs zero point mortgages. For more information on Maryland mortgage rates please visit www.marylandsmortgage.com.
Take the time a few days before the closing date to go over your entire final closing statement. This might also be known as your HUD-1 Statement, depending on what area of the country you live in. Consider all of the calculations you see in this statement, and make certain that you receive credit for all deposits and any other credits the seller might owe through other agreements. Analyze all of the fees, including those associated with the lender, the title, and escrow, and make sure they line up with everything you have previously discussed and agreed upon. Though it may seem silly, you should also go ahead and check all of the arithmetic on the final statement. Believe it or not, mathematical errors actually do occur in closing documents.
Next, carefully review all documentation, looking for any inconsistencies. Look over the guarantee of title, reading all of the fine print about the description of the property, liens, encumbrances, or any other factors that might be included. If you find anything that you do not agree with, have it removed. The escrow or title agent should have the proper vesting that you have chosen so that you may take title in the way you choose. Changing the vesting takes a great deal of time, and if it is not noticed until closing, it can delay the entire transaction.
Even if you have looked at the property over a hundred times, make one last inspection to make sure everything is in order. Everything should be exactly how you are expecting it at this time. All agreed repairs and maintenance should be complete, so it is wise to double check so that you do not find a big surprise on move in day. If there are any conditions in your purchasing agreement, these things should be complete.
Protecting your interests in a real estate transaction is extremely important. A small miscalculation or oversight might end up costing a good deal of money and affect your entire mortgage. Double check everything from arithmetic to interest rates, to fees and the property itself. When you come across one small mistake, you will be glad you did.
About the Author: Peter Dellane is the President of Ability Mortgage Group, LLC, A leading Maryland Mortgage company offering low costs zero point mortgages. For more information on Maryland mortgage rates please visit www.marylandsmortgage.com.
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