Bronx Personal Injury & Real Estate Blog

Sunday, July 31, 2016

Your Real Estate Closing Supply List, No Crayons or Markers Required

This summer has gone by so quickly that it is almost back to school time. The stores already have the shelves chock full of crayons, notebooks, and binders so that parents can pick up everything on their child’s school supply list.

Wouldn’t it be great if there were more things in life like back to school shopping? Someone else makes out a list and you go to one place and get everything you need so that you are perfectly prepared for the tasks ahead.

Well, my friends, today is your lucky day! Below you will find a handy-dandy list of all the stuff you need to gather together and bring to your residential real estate closing so that you are ready for the task at hand. Unfortunately, you probably won’t be able to get everything in the same place, but hey, it’s a start!

Stuff You Don’t Need to Worry About

If you hire an attorney to handle your real estate closing, they are going to take care of a lot of the closing details.

The attorney handling the closing will be talking to your lender and, if appropriate, the seller’s lender, to make sure there are no financial issues that hold up the deal. They will also prorate the property taxes for the year, and do other things like that.

They handle all the financial stuff so they can figure out exactly how much money is going to exchange hands in person at the closing, and let you know how much you need to get a certified or cashier’s check for. They are required by federal law to get you this information at least one day before your closing.

Your attorney may also be working with the title company to make sure there are no legal problems that will arise when changing the legal owner of the property.

Things You Are Responsible For

Let’s start with the basics.

You must bring along a photo id so that you can prove you are who you say you are. A driver’s license or passport are the best options. If you don’t have either of these, talk with your attorney and they will help you figure out what to do.

Bringing your real estate agent along to the closing is optional, but it is often a good idea.

While not really a thing to bring along, it is important to set aside plenty of time to do the closing. It will probably take a couple of hours. And if possible, you should schedule your closing for early in the day just in case there are any problems that pop up that must be resolved.

And then there’s all the paperwork…

Before the closing, you will need to work with your lender to make sure all of your financial paperwork is in order. You should bring all the documents you lender gives you to the closing in case you need to reference them.

Another pre-closing task is purchasing homeowner’s insurance. Basically all lenders require this, so it is going to be part of your financial paperwork, but it never hurts to bring along a copy of your proof of insurance to the closing just in case.

You should also bring a copy of the purchase and sales contracts with you in case there is something in them that you need to reference the day of the closing.

Finally, you are going to need to bring along a cashier's check or certified check (or possibly checks, your attorney will let you know if you can put everything on one check, or if you need separate checks for separate expenses) to cover your down payment and closing costs. Do not bring personal checks or cash.

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