Smooth Closing: Stay on Top of it All
OK - I finally got insurance for the condo. I had to go all the way to Lloyd's of London for God's sake via my broker! The cost was $590 per year.
One thing I am realizing is that in order to have any hope of a smooth closing, it is critical to stay on top of EVERYONE! It seemed that nothing got done, nor communicated, this week unless I took control. I suppose that since it is really me that benefits most from all of this it is only fair that I do it.
I close Monday on my first investment property!
Here is what I had to do in the last 2 days:
Thursday
- Call the insurance broker to hustle along the quote
- Receive a faxed application from the broker, sign it, write a check and RUN to staples to Fed Ex the package back to her
- Call my lawyer to make sure we were still on for Monday - the secretary said she wasn't aware of my closing (what !!!!???)
- Call all utilities to ensure smooth transition to my name after closing
Friday
- Get closing schedule from attorney (still Monday)
- Call RE broker to inform her of closing (she already knew)
- Call insurance agent to make sure she got the check
- Call attorney back to get the closing amount I will need
- RUN to bank to get certified check
Lesson Learned -
Rarely will anyone call you...Take the bull by the horns and watch out for the stuff that comes out the other end of the bull :-)
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