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Preparing the Close

February 27, 2012 | Comments: 0 | Views: 118

The sale is almost final and you have that hot new property in your hands - or you will. What do you do to prepare for a closing and what do you need? Make sure everything goes according to plan by doing a little prep and save yourself a monster headache. Do everything in your power to avoid getting saddled with white elephants, secret annoying repairs or fees you never agreed to pay in the first place.

Check the Contract

Remember to always review the closing statement for the sale that details what fees you are responsible for as buyer or seller. Fees, for example, title and escrow costs, litigation costs (if any), as well as what the conditions are for paying fees (i.e. how many days you have before the sale closes). Run over the calculations manually and be on alert for anything added to the contract you never agreed to. Check pricing and the bottom line and see if separate fees and the bottom line do not add up.

If they do not, be on the phone as soon as possible.

Along with the contract, check the details of the title, insurance or whatever else the property comes with. One important detail you should not overlook is to check if there are still liens or unpaid taxes on the property you may be held responsible for in the future. Another is to check if the deed is correctly vested because it can be expensive to do so later on. Again, check if these details also add up or if there are terms or agreements that you did not originally agree to.

Take a Visual

It is time to visit the property you are going to own and look around. Are the agreed upon repairs finished? To be completely sure, you can also bring an inspector with you (at your cost) to make sure everything from the electricity to the sewage is in order.

This is important because although many banks sell property in an "as is" condition and unless it is part of your agreement, may not be held responsible for any future repairs. Another is so that you can see if this is really the property. Buying a property without first looking at it is foolhardy, but there are circumstances (say, you are from out of state and used a lawyer or corporation to acquire the property). Be judicious though. The photo, for example, may show a beautifully landscaped yard. Time and neglect may have turned it brown or killed the flowers.

Before you sign, take the time. Otherwise you may be in for some unpleasant surprises.

Never Be Afraid

If you find something in the contract or property that is not to your liking or was not in the original agreement, do not be afraid to speak up. It may not be because of intended malice, but may simply be a typo, clerk error or a plain miscalculation. In other cases, it may be that they are relying on your ignorance or simply have no knowledge that the property is not as advertised.

Discuss the breaches with your lawyer or bring it to the attention of the seller. In many cases they will be willing to correct it and in the event they are not, remember, you have not signed a thing.

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Source: EzineArticles
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