Avoiding Problems After the Purchase and Sale

Real Estate Attorney Rick Carter and Para Legal Extraordinaire Kathy Holtshouser talk about how to have a seamless closing:

• Anything discussed with the seller should be in the purchase and sale
• Make sure everything in the offer makes it to the purchase and sale
• The closing date means you have to be available or have an acceptable power of attorney
• Pay attention to the mortgage financing date
• Conditions on mortgage commitment letter
• Ask attorney if they will keep an eye on the important dates
• Need to make sure insurance, including flood insurance if required, is in place for closing date
• Owner’s title insurance is a good idea – not the same as lender’s title insurance
• How do you want to own the property – tenants by entirety, joint tenant, tenant in common, etc.
• Walk through before the closing
• Closing disclosure laws
• There are some fees that do not appear on the initial closing disclosure, but they will be on the final disclosure
• At the closing, you will need a bank check made payable to yourself
• It is a good idea to bring your checkbook, in case there are any small surprises
• Bring your ID to closing
• It takes some time after the closing for it to be finalized – usually done within a few hours

If you need a Real Estate Team that can walk you through the purchase of your new home start with Carter Law offices. All that and much more on this week’s episode of Real Estate House Party recorded this and every week at The Studio 21 Podcast Café and hosted on The United Podcast Network!