Please help...question about closing

We close on our Co-op Monday.
Someone from my lawyer's office called and said to bring 1 certified bank chank for x amt (which by the way was $6,000 more than we estimated!!!)made out to the seller, then she said "but there'es some cushion in that". I couldnt get in touch with her and I have no clue what that means! Plus I thought the seller got a bank check made out for the remaining down payment then the rest was paid in personal checks.

Re: Please help...question about closing

If you are taking a mortgage your attorney probably estimated all the charges because he may not have had the exact number from the bank attorney when they told you what to bring. If you bring too much the bank attorney will write a check in care of your attorney and he will send you the money once the check clears (banks do not like to write checks directly to the borrower).

As for the second part of your question which i am not sure i understand completely but will give it a shot. You owe the seller the purchase price minus the downpayment (pp=200,000, downpayment $40,000 you owe the seller $160,000). In addition you will owe the seller for the remaining days of the month of june maintenance plus if they paid any more months to the co-op. There may be some other adjustmets (minor) as well. If you are taking a mortgage and your mortgage is $160,000 you will not get that exact amount at the closing--there are bank fees, attorney fees etc. Also there are minor title fees (to record the UCC) which must be paid. Also the co-op may require a move-in fee etc and your attorney has made it so the bank will cut all those checks from your mortgage amount so that you only have to bring one check. If for any reason you do not have enough then yes personal checks would be accepted.

FM me if you have any other questions or i didnt answer your question.