are activated is unnecessary, not to mention unpleasant. • Mortgage payments are almost always due on the first day of the month and the payment is for the preceding month. As an example, if you close in July, your first payment is due on the 1st of September. However, interest is due for the month of July from the date of closing. If you close early in the month, say on the 10th, you would have to pay for 21 days, while if you close on the 25th, you would have to pay six days of interest. If money is tight, closing toward the end of the month will reduce immediate out-of-pocket expenses. If you schedule a closing and fail to complete it on that day, there are consequences. You may face increased closing costs in addition to any penalty for the delay. Although most sellers will work with you if the transaction doesn’t close on time, failure to close opens the door to canceling the sale. This is most likely to occur in a seller’s market, in which the seller may have taken backup offers that are potentially better than yours. Closing can be held in any agreed-upon location. For example, at the attorney’s office, or at your lender’s or title company’s offices. #9. Be Present at a Walkthrough A final walkthrough is a last chance to see your future house before you buy it. Commonly, it’s scheduled 24 hours before the closure. The property should be in the condition specified in your sales contract. You may inspect for any changes made subsequent to the home, pest inspections or having had repairmen or movers in the home. Verify all personal property that was to be included in the sale, is present.
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