Final Clear To Close

[msm407]

@lcovington Thank you!
And I’m not really sure who reviews it, all I did was upload the declaration page to my file and they never asked or said anything else about it. @Nelsont might know.

[Nelsont]

Congratulations!

I do not know. Is there a reason you want to know or are you just curious?

The only 2 reasons any standard policy wouldn’t be sufficient are you didn’t put the right address for bank of America or you live in an area prone to natural disasters. Other than that just simply having the policy satisfies your condition.

[lcovington]

@Nelsont just trying get things to done as fast as possible. I mean we submitted our homeowners insurance policy over 2 months ago. Processing said a third has yet to review. So I am just wondering who is this third party and why does it take so long to say looks good to such a basic document,

[Nelsont]

Yeah I wouldn’t know. But you’re right it doesn’t seem difficult. I forgot to submit my policy as part of my conditions and when they came back and asked for me to submit it I got the approval in a day. It doesn’t make sense for it to take any longer.

[msm407]

@Nelsont thank you! And thanks for all of your info and feedback on this forum. This closing process was very stressful, but me closing with a 0.125% interest rate was worth it.

Happy New Year!

[LyricL]

I’ve seen on a couple threads now people mention talking to an attorney. Does everyone need an attorney and why?

[Nelsont]

Some states require a real estate attorney to draw up the contract negotiate the terms and close the deal. Other states make it optional. Most have no requirement at all.

It’s a state regulation. I think less than a dozen have the rule. If you don’t know anything about it then you probably live in a state that doesn’t require one.

• This reply was modified 2 years, 4 months ago by Nelsont.

[LyricL]

Ahhh, okay. Thanks much @Nelstont!

[tricey718]

Did you close @NewYorkSpirit ?

[vonny2421]

@firmeh89 I’m wondering the same thing. I’m also trying to find out if NACA covers the lawyer price, or if this comes out of pocket?

[firmeh89]

@vonney2421 my lawyer is paid for by naca, he was also on the list of recommendations.

[vonny2421]

ok I was just wondering because my lawyer wasn’t on the recommended list. So i’m trying to figure out if I’ll have to pay for him or no?

[Peapod0609]

Bank of America pays for attorney fees on all NACA loans, you do not need to pay them.

[vonny2421]

thank you

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