Posted by Ari/NJ on 9/23/10 7:40am
Msg #353539

Need advice on new construction closings - thanks in advance

I've been doing closings for about a year. Mostly refi's and some purchases. The purchases have always been with the buyer only. I have my first new construction closing in a few days at a title company. Can anyone tell me what to expect?

Reply by Teresa/FL on 9/23/10 8:06am
Msg #353545

The representative for the seller has usually signed off on their docs already, so you won't have to deal with them.

You will probably have a few additional docs regarding any warranty the builder is providing and you will probably need to fax some docs for funding. I would recommend getting there 30 minutes early so you can review the paperwork and ask questions.

At the end of the closing, you get to hand over the keys!

Reply by MW/VA on 9/23/10 9:24am
Msg #353558

The paperwork might be slightly different, but not a lot. The RE Agent is often in attendance. If you need to fax for funding, you might ask if you can do that right from the tc's office. You didn't say if you can handle the checks in your state, but that is usually handled by the tc.

Reply by Linda_H/FL on 9/23/10 9:28am
Msg #353561

Didn't I hear that purchases are handled differently in NJ?

I thought I'd read here that SA's are precluded, or restricted, when it comes to purchases....

I may be wrong but I certainly home someone from NJ chimes in quick. Meanwhile, a search here may find the previous threads...