8 Point Checklist to Closing on a Property in Downtown Minneapolis

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May 29, 2010, by Mike Weiland in Home Buying Process

8 Point Checklist to Closing on a Property in Downtown Minneapolis. How to make the process go smoothly, by Mike Weiland, Downtown Minneapolis Real Estate Expert with Edina Realty

The closing process is the last step to purchasing or selling a condo. The process can often be intimidating because of how much legal paperwork there is involved. In this article I'll walk you through the process so that the closing process will go much smoother for you.

1)    Condo owner's Insurance

Insurance is not necessary to get the mortgage for a condo. However, it is good to have insurance for your personal belongings and any deficiencies/deductibles in your association policy. Our network of experienced, professional insurance providers with make sure you have the right coverage.

2)    Gather All Your Paperwork

Make sure you have all your paperwork in place the day before closing. Review all your paperwork to make sure that everything is in order.

3)    Have Your Inspections Completed

Have the property inspections completed when you come to escrow. If there are any repairs that are necessary, make sure they're in writing.

4)    Have Title Insurance

It's important to get title insurance for your condo purchase. Title insurance insures that the title on your property is clean.

5)    Get Approval of Mortgage

At this point, your mortgage should be approved so that you can get your loan to pay for your new property.

6)    Bring Your Cashier's Check

The amount necessary for closing the on the property should always be on a cashier's check.

7)    Clear All Contingencies

At this point, all contingencies and clauses should be cleared so that you can go ahead with the transfer of the deed.

8)    Understand Your Closing Costs

Before closing, it's important to have a good idea of what your closing costs are. It's also important to know who will pay the closing costs. Unless otherwise stated, usually the buyer pays the closing costs.

Following these tips should make the whole closing process go much smoother for you. Remember to talk to your real estate agent and your loan officer about the closing process, as they've both been through the process many times.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos. For complete information about the Downtown Minneapolis Condo market including current Minneapolis condos for sale, values, and more please visit the most complete website online dedicated to everything Downtown Minneapolis Condos at www.LivingInDowntownMinneapolis.com. Contact me with any of your condo or mortgage related questions today. Call 612-735-6834 or email mike@mikeweiland.com.

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