Almost (and actual) mishaps at closings

[Pam R.]

I've been chained to my couch today perusing all kinds of posts here, and it got me thinking about my recent closings. Someone may find these lessons useful:

1. I refinanced a duplex in April with a new mortgage broker. My hubby doesn't work (stay-at-home-dad), so I only provided my income information and such. Well, when we went in for the close, it turned out my hubby was there to sign only for dower rights. Ooops. His name is still on the deed, but not the mortgage. I was shocked I did this, as I am fervent i-dotter and t-crosser. Just a complete miss. I could have delayed the close and have it redone, but we decided it wasn't a big deal. I hope I don't regret that.

2. About a week after #1, we closed on a new purchase of a duplex. Two days before the close, my realtor called and said the seller wasn't going to give us the security deposit for the existing tenant, who'd been there 8 years. Not to worry - the two realtors had already agreed they would give us the $550. He was just letting us know. They were FUMING. The seller's realtor even said he needed to call his lawyer - the contract stated we get the security deposit. The owner was adamant - he believed that money was to cover his maintenance costs over the years. Nice job by the realtors fixing that problem before it got to me.

3. At the same closing, the title lady did what they always do - go over every single number on the closing docs, first the sellers, then mine. After she did mine, I said "Wait, page 2". She said "We already went over page 2." No, we had skipped line X, which was funds to me (I think it may have been the security deposit and pro-rated rent for the month). She says "Oh, yeah, there's a couple of ways to handle that..." She had skipped that line on purpose because...the seller was sitting there with a personal check to pay me! What?!? She knew about it, and then alluded that since that was money technically due "after the close" it wasn't really her problem. Well, I made it her problem. Obviously I refused the check, and asked where he banked, and pointed out his bank was right around the corner. We did not sign the papers until he went to the bank and brought back cash. If I wouldn't have stopped her and questioned the items, I wouldn't have found out until after the papers were signed that he brought a personal check. IMO, she reneged on her responsibility to ensure collection of all funds for the transaction. I'll never use that title agency again.

I actually have a more learning experiences like this, but I guess I'll save those for another snowy day.