Did you have an attorney review your closing documents?

BAVEMay 19, 2012

We are about to close on our single close construction loan and I would appreciate advice. How many of you have had an attorney review your closing documents?

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We had no need for an attorney to look at the bank documents but we did have an attorney look at the builder contract. The construction loan docs were straight forward. We wanted assurance for the builder/GC docs. I have responded to a few of your other posts so again YMMV.

    Bookmark   May 20, 2012 at 1:23AM
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I am an attorney and so, obviously, I reviewed our loan documents well in advance of closing. And then, when we got to the closing to sign the actual documents, I went over everything again. Good thing I did because, mysteriously, our post-construction interest amount had suddenly jumped up by half a percentage from the amount that had been shown on all previous documents and to which we had agreed!

I balked. Told the loan officer "this in NOT what we had agreed to!" They redid the documents changing the numbers back to what they were supposed to be. Loan officer told us that it was just a "typo" and that, even if we had signed without noticing the changed interest rate amount, they would have honored the number we had previously agreed on. YEAH RIGHT!

The documents you actually sign control the deal...not the review copies you get in advance.

Have your attorney review the documents and then take the copy your attorney has reviewed with you to your closing and check thru the final copies paragraph by paragraph for ANY changes. If it takes you an hour to check it, take the hour. Do not allow yourself to be rushed. If you find anything changed - even one word - call your attorney for an explanation before signing.

    Bookmark   May 20, 2012 at 8:50PM
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