How to Survive a Real Estate Closing
Often one of the most overlooked and glossed over areas of the home buying or selling process is the closing. A couple quick signatures and the exchange of keys might be the ideal situation but there are some important things to remember. The items below are things to keep in mind to have a smooth transaction!
Clear The Air
Both the buyer and seller need to be fully informed about what to expect prior to closing. This will make the process much easier. First-time home buyers especially will need to be aware of what is expected of them. Communication is key to most things in life and in real estate it is just as important. Everyone needs to be on the same page as to what the closing will consist of and what the real estate transaction details are. Reviewing loan documents before closing is an excellent idea.
Anyone who has closed on a home will tell you that the paperwork is quite substantial. Keep in close contact with loan officers and realtors on any paperwork and documents needed prior to closing. Don’t assume they will let you know when they need additional things. Loan officers deal with multiple clients and human error does occur. A valid ID is needed for the buyer and the seller. The buyer will need additional documents such as proof of homeowners insurance. In the stress of the preparation these things can often be overlooked.
Know The Figure
It is important that buyers know the exact amount of money they will need to close. In most cases a certified check is required for payment. These types of checks can be issued by a bank. A wire transfer can also be used in some cases. Check with your loan officer on which method is most preferred.
Time It Right
Sellers should make sure to work with the buyer to pick a time that allows them to get all of their things out of the house in time for closing. It can be frustrating on both parties if the closing is finished and the seller is still taking things out of the house. Another reason adequate timing is important is because if there are any unforeseen errors on the closing documents, they will have to be re-done. If a closing is scheduled at the end of the day and documents have to be fixed, it could be delayed until the next day. Scheduling the closing early will give extra time in the day to correct errors. Read more about what to be prepared for if your closing date changes, by Barbara Bottitta, a top Lehigh Valley, Pa Realtor.
One Last Look
A buyer should schedule one last look at the home they are purchasing (called the final walk-through) to ensure that any repairs they have requested have been finished. This inspection will also ensure that all items in the real estate transaction with the home, such as appliances or furniture are still included.
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