Congratulations — you are nearing the end of your real estate transaction. Whether you are a buyer, seller or realtor, closing can be a tedious process. Even if the closing documents are already prepared and ready for signing. This is often due to the timing (or lack of timing) of each closing step.
At Investors Title, it is our goal to fund the transaction as quickly and smoothly as possible. Here are a few tips as you approach closing day.
Ensure the Sale Contract is Accurate
While it sounds like a given, the closing process can easily become delayed due to incorrect details on the sale contract. As a realtor, it’s important to verify the parties executing the sale are the correct parties and that all property is identified and referenced in the contract.
Provide Your Client with a Closing Checklist
It’s not uncommon for closing issues to arise due to a buyer or seller simply not understanding each step in the closing process. Make sure their experience is smooth and uneventful by giving your client a clear, step-by-step plan of what it takes to close.
Anticipate Complications with Wiring Funds
Ensure your client understands that securing the money for closing costs and the real estate transaction may not be as easy as they might think. Have your client make sure the needed funds are readily available and that they are prepared to wire or display a cashier’s check the day before closing.
In addition, there is a good chance the buyer and seller will be closing at different title companies, which requires an additional series of wiring to take place before funding and possession can occur. This adds another potential layer of complication — and time — to the closing process.
Have the Seller Sign Before the Buyer
As a cautious realtor, you will want to make sure your buyers close early in the day and seller close before the buyer. It’s smart for the seller to pre-sign the day before the closing date. Typically the buyer’s lender requires certain documents to also be signed by the seller before they can proceed with providing funding authorization and issuance of the wire transfer.
By having the seller pre-sign their closing documents ahead of the buyer, the title company has everything they need to manage the closing process. There is a delay in obtaining the seller documents needed for funding authorization if the seller signs after the buyer signs.
Keep in Touch With Your Title Company
Throughout the closing process, it’s important for realtors to stay in consistent communication with the title company handling the real estate transaction, especially ensuring the seller provides the title company with all necessary information.
If you are looking to provide the most efficient closing process possible to your clients, it’s vital to partner with an experienced title company. Contact the specialists at Investors Title today for residential title services and guidance, or find a closing office near you.