Review Home Closing Documents Carefully To Avoid Problems Later
December 18, 2007
A home closing probably represents one of the most expensive transactions of your life - a set of keys that can cost hundreds of thousands of dollars. In New York City, where apartments typically climb into the million dollar range, those keys are expensive indeed.
So why is it that most people don’t take the time to read and understand the documents they sign at the closing table? Simple - there are too many documents and not enough time. The table is filled with people, the bank representation just wants to get out the door to another closing, and there are too many documents (I know I said it already, but the pile is daunting).
Over at Caveat Emptor, my colleague Sam Glover recommends that you demand to see the closing documents a few weeks in advance of the closing. I’ve been an attorney for awhile and have done my fair share of real estate closings, but have never thought to ask for documents in advance - even when it was my own home. Thanks to Sam, I will now recommend this course of action to every one of my clients and friends who are buying real estate.
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