Friday, August 27, 2004

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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