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LauderLady
LIF Toddler
Member since 6/05 380 total posts
Name:
Me
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Need help - question about closing
My DH just got a call from out Lawyers office telling him that we need 1 certified check made out to the previous owners that is $13,000 more than the 5% we agreed to put down at closing. They also said bring a check book you might owe them for oil left in the tank.
Does this seem right? I knew that our closing costs would be about $13,000...but why do I pay the previous owner?
I so confused!
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Posted 1/23/07 12:46 PM  |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Need help - question about closing
That is strange.. call your law office and ask why it has to be written to the owner- maybe they pay the full month of taxes and u have ot credit them?
I have to bring checks to my closing- to pay off the attny, and the title people..
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| Posted 1/23/07 1:00 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Need help - question about closing
i have never heard that before. I would call and ask them to clarify all the checks that you will need to bring, what they are for, and who they need to be made out to.
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| Posted 1/23/07 1:00 PM |
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jambalady
Is it summer yet?
Member since 8/06 7392 total posts
Name:
Holly
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Re: Need help - question about closing
It seems bizarre to me that the $13,000 check would be made out to previous owners. When we closed, we had to bring a certified check for teh closing costs made out to the title company and then our checkbook for "other" expenses, such as the oil, which would be paid to the owner. Since your mortgage is for a set amount, it would only cover teh cost of purchasing the home, other things such as prepaid taxes/oil, etc are still due to the Seller.
Maybe your lawyer meant you should bring 2 checks? One certified for $13,000 for closing costs (title search, mortgage filing, etc) and then a separate check for teh sellers?
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| Posted 1/23/07 1:01 PM |
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Re: Need help - question about closing
Our closing cost certified check was made to the owners. If you are borrowing 200K the bank is giving the owners 187K because they already took out the closing costs.
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| Posted 1/23/07 1:13 PM |
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LauderLady
LIF Toddler
Member since 6/05 380 total posts
Name:
Me
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Re: Need help - question about closing
Thanks everyone!
I just called the lawyer's office. Apparently they will "cut" the checks for the title fee, aplication fee etc.
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| Posted 1/23/07 1:15 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Need help - question about closing
mine was made out to the previous owners too - it depends on how they are drafting the checks at closing.
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| Posted 1/23/07 1:21 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Need help - question about closing
Posted by lululu
i have never heard that before. I would call and ask them to clarify all the checks that you will need to bring, what they are for, and who they need to be made out to.
i agree!
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| Posted 1/23/07 1:29 PM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: Need help - question about closing
Posted by architectnycity
Our closing cost certified check was made to the owners. If you are borrowing 200K the bank is giving the owners 187K because they already took out the closing costs.
most of our closing costs were included in the check to the original owners. We also needed a check for the title company.
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| Posted 1/23/07 1:31 PM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: Need help - question about closing
I hate to doubt your DH but maybe he misunderstood. The certified check should be made out to the broker and I believe title company. At closing, we did have to write a small check to the seller for oil but that was $90.
Definately call again.
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| Posted 1/23/07 3:33 PM |
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