Closing Tips for New York Real Estate

If you are one of those lucky souls who happened to find their dream home, then you are in for a few things you must do before you’re done. Signing a contract and approving your mortgage is merely the main portion of the job, so you must pay attention to closing part of your purchasing process.

 

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  • In most cases you would ideally close the deal as a simple formality, exchange things and be done with it, however that may not always be the case. You should pay attention to the details so you won’t suffer any problems during the closing. The following tips will give you the basics of what you can expect:
  • Asking questions is a necessity you can’t avoid, however you should make sure you ask the right ones. Proper communication is key to understanding and the closing negotiations are no exception. Make sure you talk to the agent representing you and discuss your expectations and what you want to deal with. If you have any needs you want them to cover now will be the only time to do so before the situation has changed.
  • Expect mistakes from people working on the sale regardless of how professional they may seem. Even you could be the person making said mistakes, so pay close attention to details surrounding the sale and make sure you don’t miss anything. Pay close attention to all documents and stay focused right until the very end of the closing of your deal.
  • Review your loan documents before the closing of the deal one last time. You can ask your attorney to do that for you if you feel you don’t have the time or know-how to deal with it. You have the right to review the form at least 24 hours before the closing is complete, so you should compare it to the estimate you received when you were applying for the loan. Avoid getting in trouble and do that one final review before all things are done.
  • Taking a check at the closing is another thing you should consider before you’re done. You need to know how much you have when the deal is done, so you will need a certified one. If you are doing things in a hurry and you’re anxious to get the deal done you may forget about it. You should avoid dealing with a wire transfer, as it will slow things down. Remember to bring a photo ID and a copy of your homeowners insurance policy, the estimate and the HUD-1 statement as well.
  • Once all is said and done you must keep in mind that a closing may take more than just minutes, depending on what is involved in the process. You may need to wait for an hour or more so make sure you set some time aside for the closing process.

A Guest Post from:

Linda Baker
linda.b.baker87@gmail.com
Linda Baker is a freelance freelance real estate broker and blogger. She has a professional background in buying and selling properties. She loves reading crime novels and travelling.

1 comments
laffeyhomes
laffeyhomes

Although closing may just seem to be a mere formality, getting a good Realtor on your side will help guide you through the entire process to make sure that everything flows and goes smoothly. Real estate transactions involve big financial investments and risks so It is wise to consider seeking the assistance of a professional Realtor.