Date and Location of Closing
The closing will take place shortly after your Final Walkthrough/Orientation. Classic will schedule the date, time and location for the closing.
Closing Expenses
Certain customary items concerning the property will be prorated to reflect the respective periods that you and Classic own the property — for example, taxes and utilities.
You will be charged for prepaid expenses, any reserves required by the Declaration of Covenants, Conditions, Restrictions, and Easements, and insurance premiums. These will be prorated to the date of closing.
Prorations of general real property taxes and assessments will be based on the current year's taxes and assessments, or, if they are not yet available, on the taxes and assessments for the prior year. All adjustments and prorations at closing will be final.
"The Final Number"
The final cost figure is usually not available until the final days before the scheduled closing. Although a reasonably close estimate may be determined prior to the date of closing, several of the items included in the final total are subject to last minute adjustments. This is the result of many factors over which the Title Company has little or no control.
You will need to wire transfer or bring certified funds (made payable to the Title Company) to your closing. In your planning, be sure to allow time to arrange for and obtain these funds.