So I have my closing this Friday for my first investment property. Was curious as to what I should be expecting, asking etc. etc. I've only been to one closing and that was my own home and that was a big blur because I had no idea what was going on. I think I've prepared myself fairly well but I'm obviously still not familiar with the whole process so I'm looking for any insight.
Get the title company (escrow agent, attorney or whatever you is customary in your area) to send you a HUD-1, 24 hours ahead of settlement review it and look for mistakes.
Make sure you are clear on what you need to bring in terms or certified funds. You will also need your drivers license for ID. It's always good to bring an extra check becuase sometimes the numbers can change the day of settlement and you need an extra hundred dollars or so to close.
Congratulations and good luck on the deal. - Ned
Ned Carey, Crab Properties LLC | http://baltimorerealestateinvestingblog.com/
You may want to consider some hand stretches beforehand because assuming you are using bank financing, you are going to have to sign a ridiculous amount of paperwork!
Seriously, though, congratulations on your first deal!
Rick H., HRE Ventures, LLC | 800‑510‑8850 | http://www.HRE-Ventures.com
Congrats on your first deal!
You will want a HUD-1 or some form of settlement statement. Always check, recheck, and triple check the tax prorates in regards to your contract agreement. For us they are paid in the rear so it complicates matters.
Also, re-check the local utilities, in some areas unpaid utilities are lienable against the property, not the account holder. Def check with your water/sewer/trash departments. Most towns are lax on this and will let 6 months of past due accrue before filing for the lien, which means it does not come up on title search.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!