The Gap Check Revealed a Demolition Notice on the Day of Closing
By Debbie Durkee, ALC, CRS -- Land & Country Estates near Tulsa
(National Land Realty)
The gap check revealed a demolition notice on the day of closing. It wasn't there when the abstract was updated in September. It showed up yesterday morning. We were closing at 3:00 pm. We found out about it at the closing table. A demolition notice had been filed by the City of Tulsa that very morning. Who knew that a Demolition Department even existed! Did you ever wonder what a gap check does? The gap check is one of those items on a HUD Settlement Statement that I have always regarded as just another way for the closing companies and lawyers to make money. The typical cost of a gap check is $75. I never paid a whole lot of attention to the gap check, but I will from now on. The closer asked the buyer whether or not he wanted to proceed with closing. Of course it was a Frida...