As you approach your real estate settlement, you want to be sure all details have been addressed to try and ensure that nothing will go wrong. However, sometimes complications do arise, and the
Tips to Ensure a Smooth Closing
Dated: April 26 2023
As you approach your real estate settlement, you want to be sure all details have been addressed to try and ensure that nothing will go wrong. However, sometimes complications do arise, and the process can be stressful so be sure to address these potential issues in advance:
1. Read as much paperwork in advance as you can. Your agent can be extremely helpful in reviewing the details of documentation you’ll need to sign on settlement day, especially the financials.
2. Make sure your name is consistent throughout the documentation. No nicknames or alias allowed. You’ll need to provide a government ID at closing that matches the name on your paperwork. Always share your full legal name with your agent, your lender and the title officer.
3. Keep relevant parties informed about details. The real estate transaction can impact more than the buyer & seller. Any changes that occur prior to closing…e.g., job changes, property repair expense agreements, etc., must be shared with your agent and your lender. Paperwork must accurately reflect the situation, so be sure to keep the relevant parties informed in order to protect yourself and avoid any potential closing delays.
4. Verify banking information and payment requirements. Before sending any money via wire transfer or a cashiers check, be sure that all information is correct. You need to know exact amounts due, and how they should be paid. Be vigilant about the potential for wire fraud…do not rely on an email requesting that you wire money to a certain account. Instead, call the title company to guarantee that the person contacting you about transferring funds is the verified person instead of a scam artist.
5. Ask questions before and during closing. Any terms or words you don’t understand? ASK! No question is a ‘stupid’ question when you don’t know the answer! Your agent and title officer are there to support you…that’s what they get paid for, so clarify any issue that’s bothering you or anything that’s still unclear about the contract.
The details of buying or selling a property can be overwhelming and bit intimidating. Be sure to rely on the professionals you’ve hired to represent your best interests so you can settle with as little stress as possible…then enjoy!
Licensed since 1987, I have spent the past 30+ years diligently working to make a positive impact on our industry and those I've been fortunate enough to serve. A successful sales career led me into....