|
Representing Sellers and Buyers of Homes and Other Real Estate Wills, Trusts, Living Trusts, Powers of Attorney and Other Estate Planning Law Offices of James B. Spina, Ltd. Experience Counts Serving the Chicago Metropolitan Area since 1979 |
|||
|
|
CONDITION OF PROPERTY.
It is important to check the condition of the real estate yourself. If you
choose, you may have the premises inspected in advance by a professional
or a knowledgeable friend before you are legally bound to buy it. The cost
of repairs can be addressed in your purchase contract if necessary.
Because of the difficulty of recovering damages after closing, it is best
not rely on the Sellers' representations about the condition of the home.
HOMEOWNERS' INSURANCE. Unless you are buying a condominium unit, you must bring a homeowners' insurance policy to closing. You will also need a receipt showing that you have paid the premium for one year. There may be other requirements too, so ask your insurance agent to call the lender well before closing to be certain that the policy is correct. BEFORE CLOSING. you will need to notify the telephone company about the change in your service, and to notify all utilities of the closing date. These include electricity, gas, water and sewer, cable TV, and trash disposal. FINAL INSPECTION. After a closing date has been set, call your Realtor to arrange for a final inspection of the property. The home should be in the same condition it was in on the date of the contract, with the exception of ordinary wear and tear, unless your contract specifically provides otherwise. LENDER REQUIREMENTS AT CLOSING. Check with your mortgage lender before closing. Lenders sometimes ask that you bring last-minute documentation with you. Bring personal identification, too. CLOSING FIGURES. Precise closing figures are usually not available until the business day before the closing. More and more often, lenders are failing to provide exact numbers until the day of closing, regardless of calls from your attorney and others. Once they become available, your attorney will calculate the amount you will need for closing and call you with that information. Please let your attorney know how to reach you the day before closing. PAYMENT AT CLOSING. Payment must be made by Cashier's check. Ordinarily, the check will be payable to you. You will endorse it at the closing table. The title company will deposit it in their escrow account, and make all the payments specified in the closing statement. It is usually a good idea to have your Cashier's check payable for more money than you expect to need at closing. Last minute adjustments in the closing statement can change your bottom line. That extra margin can cover any small increase, and the title company will give you an escrow check for any extra money that is not needed. Consult your attorney for details.
|
||
|
|
_______________________________________________________ ALL INFORMATION ON THIS WEBSITE IS EDUCATIONAL IN NATURE. IT IS NOT LEGAL ADVICE IN ANY RESPECT. CONTACT YOUR ATTORNEY FOR ADVICE SPECIFIC TO YOUR NEEDS.
_______________________________________________________
|
||