Closing Time: What Purchasers Need to Know About the Closing

Closing Time: What Purchasers Need to Know About the Closing from The Law Office of Laurieanne DeLitta, PLLC

By: The Law Office of Laurieanne DeLitta, PLLC  07/21/2014
Keywords: Attorney, Real Estate Law, Real Estate Attorney

You are finally closing on your new place — here are some things to remember: Set up a walk-through for the day before or morning of the closing. Your broker will attend as you, literally, “walk-through”, the property to make sure everything is as it should be. If there are any issues, we will address them at the closing. Get Ready to Write a Lot of Checks As soon as I receive the net proceeds figure from your bank, I will send you a list of what official bank checks you need to bring to the closing. REMEMBER, the bank takes their fees, interest and sums to set up your tax escrows right out of the loan, so the full amount of your loan WILL NOT be available to you at closing and you will need some additional funds to close. You will be adjusting for taxes (and fuel and maintenance fees, if any) with the Seller, so that if Seller paid taxes for any period when you will own the house, you must repay them. Conversely, you may be paying taxes for a period retroactive to before the sale, so the Seller will repay you for any days you pay for while Seller is in possession of the home. - Closings normally take between 1-2 hours. Set Up Accounts with Utility Companies You will want to set up an account with Con Ed and, perhaps, the water, fuel or alarm companies to start on the date of closing. Call your insurance broker to have the effective date of your policy start on the date of closing. Forward Your Mail Don’t forget to forward your mail. You will need to change your address on your Driver’s License as well. You will get keys at closing but you probably want to change all of the locks when you move in. STAR APPLICATION: You will need to apply for the Star Exemption. I will give you an application and extra copy of your deed. You will also need a copy of your most recent utility bill.

Keywords: Attorney, Attorneys Real Estate Law, Attorneys Wills Trusts & Estate Planning Law, Business Attorney, Business Lawyer, Estate Attorney, Estate Lawyer, Estate Planning Attorney, Estate Planning Lawyer, Property Attorneys, Real Estate Attorney, Real Estate Law, Real Estate Lawyer

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