Silly house closing question....

Silly house closing question....

I know I'll need to get the big bank check for the closing amount, and of course our lawyer will be expecting a check...

Can anyone tell me who else we may be writing checks to? I'm not sure how many of the costs will be bundled into the total closing cost and what, if anything, will be needing seperate payments.

We recently opened a NY checking account but only have the small amount of starter checks - everything else is scattered around in a few Boston accounts and I need to make sure I have enough checks and the right amount in all the accounts!

Silly house closing question....

Your bank and attorney should provide you with a detailed listing of closing costs. Each case is slightly different, for example if you are buying a house with oil heat you may have to buy the existing oil left in the tank from the current owner. Other little things like that can come up so bring extra checks.

Silly house closing question....

Yeah, you will have all kinds of checks to write - we wrote a separate one to the title company and I think to the bank's attorney. It's like a blur of signing your life and money away!!

Silly house closing question....

Hiya! I'll be joining you all on this board in July, hope you don't mind a response from a bride-to-be but I couldn't hold back! ehhehe I just bought a condo in Cambridge, MA last month. Are you buying in Boston? Where abouts?

The attorney that represented me also represented our mortgage company, which may have simplified matters. I brought one very large certified check to my closing for the down payment and various mortgage fees. I then had to write 3 personal checks -- one to cover mortgage fees that had been accidently left out, one to cover my attorney's fees for handling the closing, and one to the seller to cover the deposit on the garage door opener (We rent a spot). Our attorney called us the day before to tell us how big that certified check needed to be. (Scary!) Being able to do the rest with personal checks made things rather easy.

I also had to get a certified check for our moving company, so I did that the same day. I hope this helps! Let me know if you have other questions.

Valenia...

We're actually buying in Long Island, moving from Boston.

I knew there would be the few extra checks and was just wondering if it would be closer to 3 or 13! Since we may need to transfer some funds from one account to another I wanted to be prepared. I'm already bracing myself for the big one...

(by the way, we'll have a really nice apartment in Arlington that's available sometime between May 1 and May 15 if you know anyone looking - rent is slightly below market and our landlord is really nice - lives upstairs. He wants a quite, non-smoking couple or single - no pets. It's not a good spot for kids since there is no yard and near a somewhat busy street walking distance from the end of the Red line)

Ahhh I see...

Well I wish you all the best in your move, and congrats on finding a new home! :-)

Silly house closing question....

We needed a bank check for the seller. The rest I believe were personal checks and they went to the (1)title company, (1) our bank, (1) the atttorney, and (1) to the title person a -$60 tip which we had no clue about. (they prefer cash, so if you know about it before you can save a check)

I think that was it!

Silly house closing question....

Our lawyer was great! He estimated the total amount that he thought we would end up paying and had us bring one bank check for the full amount. This elimiated our need for all those extra checks. The other lawyer had to divide the check up and cut smaller checks, but that was done after back in his office. We actually paid too much got some money back.

A TIP for the Title Person!?!!!

I'm not tipping ANYONE for doing their job on this closing! I tipped enough for the wedding!

A TIP for the Title Person!?!!!

I wouldn't have believed it either, but our attorney was a friend and said it was 'customary'.
She did agree to lower the projected percentage of prop tax increase at the closing so we ended up paying less in taxes. And she did something else he kept thanking her for that I can't remember. It seems that they have a little leeway in doing things strictly by the book or making their own decisions on certain items.

A TIP for the Title Person!?!!!

Sounds to me like the 'tip' was more accurately a bribe to lower the property taxes and other 'favors' to line the pockets of the title person.

A TIP for the Title Person!?!!!

Ummm, ok if thats what you want to call it. Ladies am I the only one who paid this at closing?

A TIP for the Title Person!?!!!

I have never ever heard of such a thing!! How could they ask for a TIP for the title person doing their JOB??? That's unbelieveable. Sounds a little fraudulent to me...

Kate - ? about title person

How could they have leeway on projected taxes? That makes no sense. Are you paying your tax bill or is your mortgage company handling it through escrow...be careful -- if those 'projections' are way off base you are going to have to make it up one way or another..Taxes are pretty much taxes...

Kate - ? about title person

Taxes are paid through the mortgage company through the escrow account. I don't see how its fraudulent, I would have given her the tip regardless. And I've heard other friends/family did the same as well, so I don't think I was taken for $60. Like I said our attorney was a family friend and I doubt he would even suggest that we pay out anymore than we had to if it wasn't common practice.