Closing rituals

August 28th, 2005
The trip to Liberty KY was long, longer than I remmembered, however this time I didn't have a co-driver and that does make a difference. The weather on the way to KY became worse with rain showers and then heavy rain in patches. Why is it that when you are looking for a sign that is the time the skies open up and the rain is the heaviest? I missed a turn and ended up in diffrent town!
Realizing my mistake I didn't want to try and find a back road to the town I was going to with the rain and darkness falling so I doubled back to where I made my wrong turn and got on the correct route.

My arrival in town went un-noticed as I searched for the driveway to the only motel in town. I got my room and found a place to get coffee. Actually the coffee was surprisingly good even though it was at a convienince store/gas station. I made a call home to ensure that there would be less worry about my where-abouts. I used a phone outside the gas station and as luck would have it I got drips of water down my neck as I tried to talk on the phone. I made the call a short one. When I got back to the motel I used the phone there to call home again in drier conditions. I turned the TV on to catch the news about the hurricane hitting the gulf coast. The news looks bad, if the levees fail it is all over for New Orleans. If the hurricane arrives as class 5 or 4 the loss will be beyond belief. The best thing they can do is try to get out of there and away from the area as far and as quickly as possible.

August 29th 2005
This the day of "closing" on the farm. Closing is a legal ritual to finalize the transfer of property and obligations from one owner to another owner and try to clarify all the details as to who owes who what. I have dressed appropriately for the occasion-I am wearing black.

This morning I slept in because I got into watching the news about the hurricane and stayed up late. The news folks hyped the event and did the usual stand in the wind and rain thing. I got up got dressed and went to a local restaurant called Emma's for breakfast. I have to remmember that they have bigger than usual portions. I asked for ham and eggs. The ham covered most of the plate. I could only eat half of the ham two eggs and three biscuits. Then it was time to go to the bank.

Banks, Churches, and people's behavior.
Did you ever observe how people behave when they enter a bank? They use the same behavior as though they were in church. Hushed tones, and a quiet demeanor is the rule-holding their deposit/withdrawal papers in front of them as though they were praying. Who knows maybe some are praying-please let there be enough money in there, please, please.

Then there are the gate keepers, the gate keeper at this bank was friendly at least and did acknowledge that I was there-she even knew my name. Then again few people can forget a woman over six foot tall and built like a tractor. In due time I was summoned to an office to begin the ritual paper work.

Surprise #1. The lady I had been dealing with was out for the day-because her farther-in-law was having a pacemaker put in.
Surprise #2. It was revealed by the title search that there is a mineral lease on the property. That gave me a start. Seems that this common in the area and as far as the lady at the bank knows none have been invoked. The lease has four more years to go out the ten year life of the lease.
Surprise #3. The usual method of closing is there is a statement of what is owed by whom and the various parties pay a third party to insure that the financial obligations are met. This could be important when it comes to taxes. It seems here that the real estate company collects the taxes due on the property to date from the owners and makes a check out to the buyer for that amount and then the buyer is responsible for the taxes for the current year. This I feel puts a burden on the real estate office that is not their responsibility. However, once again this is how it is done here so that's they way it will be done. The good thing about this is I get to use the full deduction for the tax year, I hope.

The the ritual check writing for the various expenses; lawyers, loan prep, deed registration fee for two counties because the land is in two counties.

Suprise #4. The part where I come up with the down payment, this became dicey when I showed them the checks from my broker at Fidelity. Seems the lady filling in for the one I was supposed to be dealing with didn't know that I had been told to just bring the checks. She had to dash off and talk to one of the bank officers about this issue. It worked out as the bank cashed the checks and made out one for the down payment to the realtor (?) and the balance to me.

"So" I asked where are the sellers? The bank lady explained that there had been a change in times made by the realtor and they hadn't been able to notify the sellers as they didn't have a telephone. Weak excuse, the real estate office knew this and it was their responisbility to get the word to them. The sellers had an appointment for the afternoon. They were being driven in from the farm in a van.

My part was done-sort of anti-climatic; I had a bundle of papers and a mortagage at an outragous rate and I now owned a farm in Kentucky. I had mixed emotions about the proceedings like it needed something, I don't know what. A little song and dance a few bars of "Green Acres" a warm handshake or even a cold handshake. Maybe things are that easy, you pay your money and sign a promise to pay more and pay for a few chores and that's that; stand up straighten your skirt, grab your umbrella and leave.

I did a little shopping and went to lunch at Emma's - where I sat facing the window watching the passing parade of people coming and going from the county court complex and businesses on or near the restaurant. The rain came down harder, the news from New Orleans was bleaker. I left after lunch and returned to the bank to talk with the sellers. I got a list of items they wanted to sell and I made an appointment with them to visit the farm and look over the items.

I went back to the motel and caught up on the news. I had a lot of things to do the following day.