Buying or selling a home can be a stressful process, and the final step in the process, the real estate closing, can be particularly nerve-wracking. However, with some careful preparation, you can help ensure a smooth closing process and minimize any potential surprises or delays. Here are some steps you can take to prepare for a smooth real estate closing.
Hire a qualified real estate attorney:
One of the most important steps you can take to ensure a smooth real estate closing is to hire a qualified real estate attorney. Your attorney will be able to review all the legal documents and contracts involved in the transaction and ensure that everything is in order. They can also help you navigate any issues that may arise during the closing process. The real estate attorney will work hand in hand with your Realtor and mortgage lender to ensure that your closing goes smoothly.
Review all the closing documents ahead of time:
You will be provided with a number of documents to sign at the closing, so it is important to review them ahead of time, if possible, to make sure you understand everything. Ask your lender or attorney for copies of the documents a few days before the closing so that you can review them carefully. Don't hesitate to ask your closing attorney questions. That is why we are here.
Conduct a final walkthrough of the property:
Before the closing, conduct a final walkthrough of the property with your Realtor to ensure that everything is in order. Check to make sure that any repairs or renovations that were agreed upon have been completed, and that the property is in the condition that was agreed upon in the purchase agreement.
Bring all necessary documentation:
Make sure you bring all the necessary documentation to the closing. This will include photo identification and any other documents requested by your lender or attorney. You may also need to wire transfer funds to cover any closing costs or down payment. This will all be provided to you ahead of closing by your lender and the wire instructions will come from your closing attorney. Never rely solely on emailed wire instructions. Call your closing attorney at a known number to verify the instructions you have received.
Schedule the closing for a time that works for you:
Try to schedule the closing for a time that works for you, so you won’t feel rushed or stressed. Make sure you have enough time to review all the documents and ask any questions you may have. We usually suggest that clients be prepared to be in our office for roughly an hour. It is also best to schedule as early in the day as possible so that we have more time to get the closing docs completed and the process closed out for both sides. Only after the loan has funded and the funds have been transferred to the seller, can the buyer take possession. If you are on the seller side, and not buying another property at the same time, come in the day before and sign if you can, that way we can have your documents ready for the buyer's side to close in the morning.
By taking these steps, you can help ensure a smooth real estate closing and minimize any potential stress or surprises. Working with a qualified real estate attorney and reviewing all the closing documents ahead of time can help ensure that you understand everything involved in the transaction, and bringing all necessary documentation to the closing can help avoid any delays.
I hope that you found this informative. If you feel that this information may help you or a client, please reach out. It is my mission to help others.
Jeremiah L. McGuire