Approximately one week before closing, you need to start working on details for the insurance, title, taxes, and renters if it is going to be a rental unit, as well as utilities. First start with insurance, you need to  order a policy and get this set into motion. Next, you need to review the Title Insurance Commitment to ensure that the title is clear, and there are no problems in obtaining a clear title. You also need to obtain and review the Closing Statement so that you know exactly what the expected costs are to be, you do not want any surprises at the closing itself. At this time, you also need to notify the utility companies of the change in ownership of the property. You may need to pay deposits for the utilities and schedule the date when the bills will change to your responsibility. Most utility companies will allow you to schedule this in advance so that the change takes place on the specified date. If the property like Los Angeles Condos is currently a rental and there are tenants living there, you need to draft a letter informing them of the ownership change. This is not mailed yet; you just draft and ensure it is accurate and complete. You will not actually mail this until after the closing. If the property is empty, and in good repair and no work is needed you can start working on the newspaper ads that you will be running, most newspapers require at least a few days advance notice to run ads, this gives time to schedule the ads to run at the perfect time compared to closing.

The day before closing there are still tasks to do, you need to very carefully inspect the property to ensure that there is no damage or anything else that you need to know about before the closing. Check everything even if a home inspection was previously done; make sure you are completely satisfied with the purchase before it is finalized. Finally you need to obtain a certified check for the funds that will be due at the closing itself. You need to check with the seller, real estate agent or broker to confirm who the check needs to be payable to. Often the check is to be made to the closing agent's escrow account, but best to double check before a mistake is made.

Whew, now that all of that work is done you are almost there, it is almost time to do your personal victory dance as you complete your first transaction. At the closing, you have several things that need to be completed. This includes signing all paperwork necessary, delivering the certified check for the closing funds, obtaining the keys to the property, obtaining any warranties and maintenance as well as service contracts that are transferable, also if the property is currently rented, an original copy of all lease agreements should be obtained.

Congrats, sit back and drink a cup of coffee you have now successfully finished your first closing and started your career as a real estate investor. Now that you have your property, it is time to start working on the management aspects of it. If you are going to live there, well it is time to move in and throw a housewarming party. Good luck with future business transactions in your new investment career.

About the Author:
Knoiw more of the inexpensive Los Angeles Condominiums at www.losangelescondos.net/