Saturday, March 17, 2007

What a Commercial Mortgage Broker Must Do at Closing

“Your function in this procedure is that of a bridegroom at a wedding: remain out of the way, be on time, and maintain your oral cavity shut.”
—Tom C. Korologos, U.S. Ambassador to Belgium, describing the advice he gives to presidential nominees. Quoted in the New House Of York Times, September 4, 2005.

A commercial mortgage broker’s duties at the shutting tabular array are, most of the time, much like the function of a presidential nominee. If you’re feeling almost expendable as you sit down at the shutting table, if you’re being treated as unessential baggage, that’s because, unlike everyone else, you’ve gotten almost all of your work out of the manner beforehand. Congratulations! On the other hand, if you're very busy and of import at close, that's not a good mark for anyone! That agency that there are a batch of loose ends to bind up.

So let's state your shutting is going well--extremely well. There are still a few critical things left for you to do.

First, as Ambassador Korologos advises, show up on clip (more or less…). Try not to slop java on yourself along the way, and convey a transcript of your bill and of your engagement missive with you (in lawsuit there is some unclarity with respect to your fee). Then turn off you cell phone, be pleasant, stay out of the manner and give up your place to the elderly, pregnant or handicapped and any legal type individual who needs your space.

And seek not to fall asleep because at some point, a settlement sheet will be passed around for assorted people to sign—you’re not one of them. Nonetheless, you must inquire to see it, and you must inspect it carefully to do certain that your company’s name is on it and that the amount to be credited to you at shutting fits your invoice. Look for your presence and back stop points, if applicable. These look on different topographic points on the statement. If the numbers are off, inquire the lender’s attorney for an contiguous correction.

That’s really the lone semi-technical undertaking you should be doing at the shutting table. Of course, if the shutting “blows up” inch your face, you might stop up dealing with any number of issues, including negotiating with the statute title company, the lender, attorneys on either side, and of course, your ain client. In states of affairs like these, of course, you could stop up dealing with anything you didn’t adequately decide before the closing.


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