In closing, there are so many transactions and money that is exchanging hands that it is very easy to leave some money on the table…
Until today, in every closing that we had, we saw some basic mistakes that were done by the closing company. Being on top of your closing statement, understanding all the numbers on your HUD and pointing those could make you few hundreds if not thousands of dollars richer.
But if you will fall into the trap, you might lose if not now, in the future a lot of money!!
The most common mistakes that we have found are:
- Rents are not prorated properly – in March for example the rent should be divided by 31 and multiplied by the number of days you will own the property (starting the day after closing)
- Security deposits – this is a big one…it could cost you a lot of money if you will not get ALL the security deposits that were provided to the seller. In some cases, the security deposits are not showing up on the lease (for example on Section 8 leases) and there is a side agreement. If there is doubt, ask the seller to sign all the tenants on a document that shows what are the security deposits they have
In the latest closing, we had we have saved about $700 in rent proration and additional few thousands in security deposits.
If you would like us to help you out reading and understanding your closing statement let us know. We will be happy to educate you and save you some $$$
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