Real Estate Closing Documents?

Question

When should I have final numbers for a Real Estate closing. I spoke with my broker and he said they should have final numbers the day before closing. Isn't this out of the ordinary? Shouldn't I have the closing documents at least 5 business days before the closing in case issues come up? I thought I read it where you can't do anything about the costs 3 business days before the closing. Please help. Thank you very much.

Answer 1

Keep in mind - it is your money. You have every right to see the numbers a reasonable amount of time before closing. BUT what can you do about the numbers anyway? I work with buyers of new homes and their biggest issue seems to be the costs from the mortgage companies. There really should be no surprises. They give you estimated costs at mortgage applications. Tell the seller or your rep you want to close x amount of days after you see the docs.

Answer 2

It's unfortunate, but this is the way it often happens. This is the major reason for the three day right of rescission on refinance loans. But if docs were available 5 days before closing, why didn't you close 5 days earlier?

NEVER DELAY CLOSING A MINUTE LONGER THAN ABSOLUTELY NECESSARY!

With that said, it is a really good idea to take your time going over all the docusments and asking questions about anything you don't understand. Explanations should start with the numbers on the sheet and proceed from there is simple conversational english. If you don't understand, you're being buried in BS because you should be able to understand. And if the signing agent has other appointments, tough.

Answer 3

The day before is what it should be however too many lenders don't getting packages to the closing agents until the day of closing. It is not uncommon to see the HUD1 for the first time minutes before or even at the closing table.

Answer 4

I have NEVER gotten final docs prior to the day of closing. There are just too many people who have left things sitting on their desk before they made it to the next desk. There are a lot of people involved in a transaction like this.

The house I almost bought before I bought the one I have now failed inspection the night before closing. It actually failed a week before closing, but the inspector's report did not make it to my Realtor until 7:30 in the evening the night before.

I will cross my fingers that your closing actually happens on closing day (yeah, that happens too). :-)

Answer 5

Sometimes closing numbers may be available 2 days before closing but the norm is to receive them the day before closing. It is also very common to receive them on the morning of closing.

Answer 6

once you're paying for it at the same time (aka assets is under the two one among your names) in case you sign for her, that's going to be seen forgery/fraud. except you get ability of lawyer or some thing of that variety. Why dont you detect out in the event that they are able to fedex the papers and you may fedex them returned? then you certainly the two wouldnt could bypass there.

Answer 7

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