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Many
of the closing tasks are the responsibilities
of the bank, brokers, and attorneys. These
tasks can include appraisals, 6D, title searches,
condo questionnaires, smoke inspections, and
water readings.
Insurance
If you are purchasing a single or multi-family
home, you will need to get an insurance binder
that includes your lender in the mortgagee
clause. If you are purchasing a condominium,
the broker will obtain the insurance binder
since the condominium association has the
policy. However, should seriously consider
getting condominium insurance for your particular
unit.
Closing Costs
Your attorney will give you your closing costs
that are written up on the HUD-1 Settlement
Statement. Typically you will need to bring
the closing costs in the form of cashier's
check.
Walkthrough
You want to attend the walkthough with your
broker close to the closing time and after
the people living there have moved out if
it is to be delivered vacant. Make sure that
any agreed upon repairs have been made, it
is in "broom clean" condition, and
all agreed upon items and fixtures have been
left behind. If there are issues with the
walkthrough, you should let your attorney
know.
The Closing Itself
Bring your photo ID, insurance binder and
receipt if you're buying a single family or
multi-family, cashier's check, and personal
checkbook (there might be minor items to settle
up at the end). The closing requires signing
many documents. The bank's attorney and your
attorney will walk you through the process. |
