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Just before closing
Information for Buyers
Several days before closing, contact your attorney or settlement agent, or your real estate agent, to request an estimated settlement statement or "HUD-1." The charges and credits anticipated for the buyer’s side and the seller’s side of the transaction will be listed, so review the statement very carefully, and notify your attorney, settlement agent or real estate agent of any errors immediately. Then, figure the estimated funds you will need to bring to closing and the means of payment your closing attorney or settlement agent will accept, which is typically a certified or cashier’s check made out to the closing attorney or settlement agent. It sounds like a simple thing, but be sure to check the hours your bank will be open to prepare your check in advance of closing! The final figure may vary somewhat from the estimate, so arrangements need to be made with the closing attorney or settlement agent for paying the balance or receiving a refund at closing.
Finally, it's a good idea to establish a master file for all the important papers related to your home ownership. You will need to reference these documents in the future. For instance, if a job transfer necessitated your purchase, your employer may need your records to reimburse your expenses. When filing your taxes each year, items such as property tax payments and mortgage interest may be deductible. Remember to keep track of all capital improvements you make to your home - this information could be important in the future for establishing your cost basis for the home. If your mortgage lender requires private mortgage insurance (PMI), with good records, in the future you should be able to substantiate a claim that your equity in the home is great enough for the PMI requirement to be removed.
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