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So, you’ve found a dream home and got a mortgage; now all that’s left is the real estate closing. At this meeting, you’ll sign a stack of papers, hand over the check from the bank, and finally take legal ownership of the property. While this process will probably go smoothly, there are a few things to know before closing.

3 Important Facts About Closing

1. The Purchase Agreement No Longer Applies

Did the seller promise they’d leave the place clean or make repairs before closing? If so, keep in mind, after closing, the terms of the purchase agreement are no longer enforceable without a survival clause. If you didn’t have a real estate attorney review the agreement, do a walk-through of the property before closing.

2. You Should Try to Get the Loan Documents in Advance

real estateLenders sometimes don’t deliver the loan paperwork until closing day, and it might not even show up until the closing attorney arrives. Buying real estate is a significant financial commitment, so try to get the lender to have the paperwork finished at least 24 hours in advance. If that’s not possible, at least get their attorney to explain the terms of each document before you sign, or bring your own legal representation.

3. You’ll Need a Certified Check

You’ll have to bring a certified check to pay the closing costs, but it can be difficult to estimate exactly how much that might be. If you decide not to bring a real estate lawyer to the closing, have a professional review the documents in advance to calculate how much you should bring.


 

Purchasing a home is a complex legal process, so turn to an experienced professional who will protect your interests and help avoid potentially costly mistakes. Since 1946, Zangari Cohn Cuthbertson Duhl & Grello P.C. has provided house hunters throughout Connecticut and Rhode Island with quality legal representation and effective advice. Visit their website for an overview of their real estate services, and follow their Facebook for more tips and advice. To schedule a consultation, give them a call at (203) 789-0001 for their New Haven office, (860) 380-5323 to speak to an attorney in Hartford, or (401) 244-9048 to reach their Warwick, RI, location.

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