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Recommended preparations for closing the deal on a home purchase

The purchase of a residential property in Florida requires the efforts of several parties. The real estate agent, an attorney, a mortgage lender and a title company representative need to make sure all the paperwork is complete before a seller hands the keys to a buyer.

The completion of a sale on closing day might take hours. One representative from a housing counseling agency in Florida suggests that people take a half-day or a whole day off so that no one has to rush through signing important documents. Another tip is to avoid closing on the final day of the month. If the deal hits a snag and cannot go through, then interest estimates go up on the first day of the new month, and the costs of closing rise.

Legal advisers often recommend that buyers conduct their final walkthrough 24 hours before closing if they are allowed. Skipping this step could lead to disputes about whether agreed-upon repairs were completed. Ideally, buyers should see closing documents prior to the meeting. Typical documents include the mortgage note, Truth in Lending disclosure, mortgage or deed of trust and statement listing all closing costs.

A buyer of residential real estate has the option of working with an attorney during the home buying process. The attorney may be able to help the buyer review the documents and understand their rights during negotiations with a seller. If problems arise with a deal, such as if a seller cannot resolve outstanding liens against the property or there are other title issues, an attorney could help potential buyers decide if they should back out. If they choose to proceed, an attorney could protect their interests as the contract is revised.

Source: Bankrate, "What to expect at the closing table," Crissinda Ponder, Jan. 29, 2013

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