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Understanding the ProcessClosing the DealPre-ClosingMost sales contracts allow you to take a final "Walk-Thru," or tour of your chosen property 24 hours prior to closing. This is your last chance to visually inspect the home and make certain that repairs you had requested were in fact completed. If you find any major problems or feel that your requests have not been met, you have every right to delay the closing. In addition, if the seller has accompanied you, this is the time to voice all your concerns to him and to me (or your Realtor). This is also a good time to get relevant last minute information from the seller like how to operate major appliances, the air conditioner and furnace, and determine what days the trash is collected. Its also important for you to confirm the actual date that you can move in one last time and remind the seller to bring keys to the signing. Also, review the HUD 1 Settlement Statement in detail. This document details all the cash flows in the transaction. ClosingAt last, the big day has arrived! If you have never attended a closing, this can be quite an experience for you. Its very exciting, but you must slow down, be very attentive, and ask as many questions as you need to. Remember, I am here for you and if you have inquiries regarding any matter, please feel free to ask. This is your last chance to dispel any doubts or concerns. After you have signed all the legal documents, you will probably be given specific instructions regarding your mortgage payments. Your Lender should at this point, if he has not already done so, inform you about when your first payment is due, where the payments need to be made, and warn you about the consequences of late payments. Finally, you will get your set of keys to the house. Congratulations on your purchase! Finally, you can move in and celebrate! |
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