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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
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Closing questions- a bunch sorry
When do they tell you exactly what your final closing costs are going to be? (I already know my date, they set it awhile ago)
Also- I remember my attorney mentioning something about how you can't write a personal check for over $200 or something?!? I think it related to the closing, but not sure, and I never got a copy of my contracts.
How do you bring the money to closing? I can't see bringing it in cash
and what if there are fees they forget to mention? does that even happen?
or if the walk through doesn't go as planned and they agree to take $ off, if I have certified bank checks how do I get tht money back?
I'm so confused with all of this, but really excited its only 12 days away!! 
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Posted 3/3/10 2:19 PM  |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Closing questions- a bunch sorry
We got our final #s the morning of the closing. We went and got a bank check and then brought our checkbook cause we ended up writing a check for the oil in the tank.
you wont get the final #s tilt he day before or so....
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| Posted 3/3/10 2:27 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Closing questions- a bunch sorry
Posted by alli3131
We got our final #s the morning of the closing. We went and got a bank check and then brought our checkbook cause we ended up writing a check for the oil in the tank.
you wont get the final #s tilt he day before or so....
but even knowing the day before how does it work if at closing you know of say broken things in the house and you agree on a credit from the seller, now your bank check is for to much
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| Posted 3/3/10 2:33 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: Closing questions- a bunch sorry
You will get the money back one way or the other. Either the sellers attorney will write out the check or someone, but you will get it back. No worries there. Or if something went wrong on the walk thru, there can be money put into escrow from the seller until it gets fixed or settled. We had this done on closing day. We went to the walk thru and the sellers still didn't finish clearing out the shed or the side yard. So they put $2,000 into escrow. We took pictures and went to our lawyers office before the closing and showed him the pictures. Their lawyer didn't even blink and eye when showed the pics of the mess. He said would $2,000 in escrow be good if you can to throw some stuff out yourself if they don't in 24 hours. They even had to get a 2 junk cars off the property before the closing ended. It was crazy.
We got our final numbers the night before.
Bring your check book for some amounts of moneies.
And don't forget your licenses. The sellers didn't bring theirs with them and we had to wait until they went to go and get them. 
I hope that helped. You are so close.
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| Posted 3/3/10 2:40 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Closing questions- a bunch sorry
Posted by HeatherRose
When do they tell you exactly what your final closing costs are going to be? (I already know my date, they set it awhile ago)
Also- I remember my attorney mentioning something about how you can't write a personal check for over $200 or something?!? I think it related to the closing, but not sure, and I never got a copy of my contracts.
How do you bring the money to closing? I can't see bringing it in cash
and what if there are fees they forget to mention? does that even happen?
or if the walk through doesn't go as planned and they agree to take $ off, if I have certified bank checks how do I get tht money back?
I'm so confused with all of this, but really excited its only 12 days away!!
It's likely you won't know the EXACT figured until the day before or even the morning of the closing.
The $200 personal check is a "tip" for the title closer. Somewhat of a bogus fee, but don't get me started on that.
You get a cashier's check for the majority of the money, and you bring a checkbook to write off the balance under $1000 with personal checks.
If there are fees they forgot to mention (that weren't present on your GFE), you question them at the closing. Do not close on the house unless you are happy with all the fees and there are no surprises. If there are surprises, simply say I am not closing today until this is resolved.
When you do your walk through, mention any issues with the attorney and they will adjust the final numbers accordingly before they give you the final number. Let the attornies battle out what needs to be fixed/held etc.
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| Posted 3/3/10 2:41 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Closing questions- a bunch sorry
Posted by HeatherRose
but even knowing the day before how does it work if at closing you know of say broken things in the house and you agree on a credit from the seller, now your bank check is for to much
If your bank check ever becomes too much, you will get a check from the seller's attorney for any overages paid.
Attorney escrow check most likely and those are as good as cashiers checks (since they are IOLA funded).
Message edited 3/3/2010 2:47:17 PM.
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| Posted 3/3/10 2:43 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Closing questions- a bunch sorry
Posted by ave1024
Posted by HeatherRose
When do they tell you exactly what your final closing costs are going to be? (I already know my date, they set it awhile ago)
Also- I remember my attorney mentioning something about how you can't write a personal check for over $200 or something?!? I think it related to the closing, but not sure, and I never got a copy of my contracts.
How do you bring the money to closing? I can't see bringing it in cash
and what if there are fees they forget to mention? does that even happen?
or if the walk through doesn't go as planned and they agree to take $ off, if I have certified bank checks how do I get tht money back?
I'm so confused with all of this, but really excited its only 12 days away!!
It's likely you won't know the EXACT figured until the day before or even the morning of the closing.
The $200 personal check is a "tip" for the title closer. Somewhat of a bogus fee, but don't get me started on that.
You get a cashier's check for the majority of the money, and you bring a checkbook to write off the balance under $1000 with personal checks.
If there are fees they forgot to mention (that weren't present on your GFE), you question them at the closing. Do not close on the house unless you are happy with all the fees and there are no surprises. If there are surprises, simply say I am not closing today until this is resolved.
When you do your walk through, mention any issues with the attorney and they will adjust the final numbers accordingly before they give you the final number. Let the attornies battle out what needs to be fixed/held etc.
 thanks both oof you, you made me feel SOOOOO much better!!!!
now I can go back to being excited!!
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| Posted 3/3/10 2:52 PM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: Closing questions- a bunch sorry
The others pretty much covered everything! We didn't get our numbers until the morning of closing, and we got a bank check for the estimated total and wound up getting a check back for the difference after all was said and done (only about $160).
We did have our checkbook on hand in case we owed more.
We had to buy our house as-is AND fight with the seller's attorney about the oil left in the tank (they had the reading done two weeks before closing and it was winter!) so we did not get to negotiate anything we saw at the walk-through but our situation was unique.
GOOD LUCK!! Bring champagne with you the first time you go to YOUR house and take pictures of your first dinner at the house - even if it is having pizza on the floor. Our closing was such a nightmare and we had to be out of our apartment just four days later that we didn't have time for any of the fun stuff!
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| Posted 3/3/10 2:57 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Closing questions- a bunch sorry
Posted by Megs4
The others pretty much covered everything! We didn't get our numbers until the morning of closing, and we got a bank check for the estimated total and wound up getting a check back for the difference after all was said and done (only about $160).
We did have our checkbook on hand in case we owed more.
We had to buy our house as-is AND fight with the seller's attorney about the oil left in the tank (they had the reading done two weeks before closing and it was winter!) so we did not get to negotiate anything we saw at the walk-through but our situation was unique.
GOOD LUCK!! Bring champagne with you the first time you go to YOUR house and take pictures of your first dinner at the house - even if it is having pizza on the floor. Our closing was such a nightmare and we had to be out of our apartment just four days later that we didn't have time for any of the fun stuff!
Oh wow!
we are def taking pics and bringing champagne!!! I can't wait!!!
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| Posted 3/3/10 2:59 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Closing questions- a bunch sorry
We found out the final amounts that morning. Our attorney had us bring two bank checks (I think one was 5K and the other was $2500) and the excess was given back to us by the sellers via a personal check.
No idea about amounts for personal checks - the amount we got back from the sellers was well over $200 and it wasn't an issue.
All money had to be in the form of bank checks. We were able to pay the title person with a personal check.
12 days... OMG I am so excited for you!!!
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| Posted 3/3/10 3:23 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Closing questions- a bunch sorry
Posted by headoverheels
We found out the final amounts that morning. Our attorney had us bring two bank checks (I think one was 5K and the other was $2500) and the excess was given back to us by the sellers via a personal check.
No idea about amounts for personal checks - the amount we got back from the sellers was well over $200 and it wasn't an issue.
All money had to be in the form of bank checks. We were able to pay the title person with a personal check.
12 days... OMG I am so excited for you!!!
I know I can't believe its almost here!!! And I'm so excited for you, your little girl is almost here!!! 
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| Posted 3/3/10 3:27 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Closing questions- a bunch sorry
Posted by ave1024
The $200 personal check is a "tip" for the title closer. Somewhat of a bogus fee, but don't get me started on that.
It's not a "tip"...it's the title closer pay for their work...the word "tip" is what makes people uncomfortable and it's the wrong word to use
At my closing yesterday- it was a cash deal- so some things are different
The buyer wrote a check to the attorney
To the title closer $125 for her fee...she drove from suffolk to queens and back (HUD attorney's office where the closing had to be)
They also wrote a check for title insurace
And they rest was bank checks
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| Posted 3/3/10 3:53 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: Closing questions- a bunch sorry
Posted by HeatherRose
When do they tell you exactly what your final closing costs are going to be? (I already know my date, they set it awhile ago)
Also- I remember my attorney mentioning something about how you can't write a personal check for over $200 or something?!? I think it related to the closing, but not sure, and I never got a copy of my contracts.
How do you bring the money to closing? I can't see bringing it in cash
and what if there are fees they forget to mention? does that even happen?
or if the walk through doesn't go as planned and they agree to take $ off, if I have certified bank checks how do I get tht money back?
I'm so confused with all of this, but really excited its only 12 days away!!
Your atty will tell you a day or 2 before closing what the numbers will be and what checks you need, in what amounts, and in whos name... You need to know ahead of time so you can get to the bank to get certified bank checks
Whatever additional money you want to bring to closing should be in a bank check like everything else...
If you are going to get any money back, they will cut you a check for the difference at the table... This is what happened to us since we had a rare instance where our closing costs just kept dropping at the table LOL... Hey, cant complain 
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| Posted 3/3/10 4:06 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Closing questions- a bunch sorry
Posted by MaZz
Posted by HeatherRose
When do they tell you exactly what your final closing costs are going to be? (I already know my date, they set it awhile ago)
Also- I remember my attorney mentioning something about how you can't write a personal check for over $200 or something?!? I think it related to the closing, but not sure, and I never got a copy of my contracts.
How do you bring the money to closing? I can't see bringing it in cash
and what if there are fees they forget to mention? does that even happen?
or if the walk through doesn't go as planned and they agree to take $ off, if I have certified bank checks how do I get tht money back?
I'm so confused with all of this, but really excited its only 12 days away!!
Your atty will tell you a day or 2 before closing what the numbers will be and what checks you need, in what amounts, and in whos name... You need to know ahead of time so you can get to the bank to get certified bank checks
Whatever additional money you want to bring to closing should be in a bank check like everything else...
If you are going to get any money back, they will cut you a check for the difference at the table... This is what happened to us since we had a rare instance where our closing costs just kept dropping at the table LOL... Hey, cant complain
thats awesome, I would love that!!!!
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| Posted 3/3/10 4:08 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Closing questions- a bunch sorry
Posted by Beth
Posted by ave1024
The $200 personal check is a "tip" for the title closer. Somewhat of a bogus fee, but don't get me started on that.
It's not a "tip"...it's the title closer pay for their work...the word "tip" is what makes people uncomfortable and it's the wrong word to use
At my closing yesterday- it was a cash deal- so some things are different
The buyer wrote a check to the attorney
To the title closer $125 for her fee...she drove from suffolk to queens and back (HUD attorney's office where the closing had to be)
They also wrote a check for title insurace
And they rest was bank checks
It's not a required fee though. It's an appearance fee. So when a fee is not required... it's considered a tip IMO.
If I decline to pay this... is my closing going to get called off? I don't think so. Title companies charge a freakin' fortune. They should be paying their settlement agents more and not expect to pass the buck onto the homebuyers.
The title closer that was present when I sold my last house totally EFFFFFFFFED up. The idiot double-paid the town's school taxes because there was a pending payment outstanding. I had $2900 of my money sitting in limbo for over three months (that I finally got back last week).
And I "tipped" her $200. Unbelieveable. I gave my attorney such an earful over this, I demanded I get my $200 back (which I did).
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| Posted 3/3/10 4:13 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Closing questions- a bunch sorry
Posted by ave1024
Posted by Beth
Posted by ave1024
The $200 personal check is a "tip" for the title closer. Somewhat of a bogus fee, but don't get me started on that.
It's not a "tip"...it's the title closer pay for their work...the word "tip" is what makes people uncomfortable and it's the wrong word to use
At my closing yesterday- it was a cash deal- so some things are different
The buyer wrote a check to the attorney
To the title closer $125 for her fee...she drove from suffolk to queens and back (HUD attorney's office where the closing had to be)
They also wrote a check for title insurace
And they rest was bank checks
It's not a required fee though. It's an appearance fee. So when a fee is not required... it's considered a tip IMO.
If I decline to pay this... is my closing going to get called off? I don't think so. Title companies charge a freakin' fortune. They should be paying their settlement agents more and not expect to pass the buck onto the homebuyers.
The title closer that was present when I sold my last house totally EFFFFFFFFED up. The idiot double-paid the town's school taxes because there was a pending payment outstanding. I had $2900 of my money sitting in limbo for over three months (that I finally got back last week).
And I "tipped" her $200. Unbelieveable. I gave my attorney such an earful over this, I demanded I get my $200 back (which I did).
really?? I had no idea! so why does anyone pay it?
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| Posted 3/3/10 4:14 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Closing questions- a bunch sorry
Posted by HeatherRose
really?? I had no idea! so why does anyone pay it?
A few reasons. Because (title insurance) and how it's handled in NY is an incredibly broken system. People don't want to stiff the title agent because the title companies are too cheap to pay their title closers a normal pay grade. Title closers cry poverty and say this is the only real money they make in the transaction and they rely on the tips.
I just find it sickening that you spend 5k and up on title insurance per closing, yet you are still required to shell out an extra $100-200 at closing because the title company is too cheap to pay their workers.
I don't recall title companies being not for profit. There is profit to be made, and I am sure these title companies are rolling in it.
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| Posted 3/3/10 4:24 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Closing questions- a bunch sorry
Only on Long island are closing as complicated as they are...in up state NY attorney's are not even used...realtors handle the closings- and everything attorney's do for closing like title (just like on HGTV when you see closings in other states and 1 person is at the table other then the buyer- we had 4 people yesterday watching them sign papers and another person running to make copies)
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| Posted 3/3/10 4:41 PM |
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