The scheduled closing for the purchase of your first home is an exciting time, but for some people, a real estate closing can be an anxious experience. That said, our list below covers the 10 most important things a buyer needs to know before the day of the closing.
1- Engage the process. Stay focused during the previous and ensuing days of a closing. Be certain to choose only reputable and well established title companies, realtors and others participating in the process. Word-of-mouth recommendations from acquaintances are always a positive choice.
2- Email, fax or hand-deliver the real estate contract and any addendum to the title and closing services company as soon as possible before the scheduled closing date.
3- Provide the title company with accurate contact information for yourself and your representatives.
4-Avoid unnecessary delays by having at hand requested information for contacts, loan payoffs, new lenders and/or insurance agents.
5- Carefully go over the closing cost estimates when you receive them. Review them for any errors or discrepancies. Be sure to know in advance what funds will be needed and how will they be payable. Usually, only cash or a cashier’s check is acceptable.
6- Make certain only up-to-date versions of the sales contract are provided to the title and closing services company. Likewise, provide information about exact monies the seller will receive.
7- Provide any approval by an existing condominium association prior to the closing and any associated documents of the association.
8- Have your insurance agent fax copies of your homeowners insurance policy, addendum, paid receipts and wind and flood coverage to the title company.
9- Be certain to have all prior property inspections, the termite report and the survey forwarded to the title company as soon as possible before the closing.
10- Confirm the closing date, time, driving directions and exact address with the title company, seller, realtors and lenders.
Delays and errors do happen at closings; however, going over the above list will help avoid much stress–and ensure a successful closing. For the smoothest possible closing process, give us a call today!