Real Estate Closings can be stressful. Coordinating between countless amount of service providers like Title Companies, Mortgage Lenders, Insurance Brokers, Home Inspectors, Surveyors, Homeowners’ Associations and the list goes on.To help make your life (and your closings) a little bit easier, we have gathered some of the best advice we could get from our senior office staff.
Security Deposit Obligation
Based on the information filled in the contract, you will usually have up to 10 days to make sure your Title Company received the deposit and issues an Escrow Letter.
Buyer and Seller Info Sheets
Ensure your clients provide all of the necessary information to the Title Company in a timely manner to continue with the closing process.
Home Inspection
Based on the contract, you will usually have up to 15 days to complete your home inspection
Re-Negotiate Price
In the circumstance that the inspection results reveal any newly discovered issues with the condition of the home.
Mortgage Application (if applicable)
Based on the contract, your buyer will usually have up to 45 days to obtain loan approval.
Appraisal
Usually ordered by the lender to determine the value of the property.
Survey
Usually ordered by the Title Company when purchasing Single/Multi-Family and other properties that include the “lot”.
(not needed if apartment/condo)
Association Approval
If a Homeowner’s Association is present, client should apply with the association, pay the application fee, and obtain approval from the
Board of Directors.
Homeowners / Rental Property Insurance
Client should shop around for the applicable property insurance and make sure it meets his/her lender’s requirements.
Confirm Title and Clear-To-Close
Once the Title Company has completed clearing title on the property, they will issue a clear to close and will arrange the closing date, time, and location with all the parties involved.
Final Walk-Through
On the morning of the closing day, ensure no material changes have been made and use this final chance to inspect the property as close as possible to closing time.
Signing & Closing
Conducted at the Title Company’s office, as a Mobile-Closing or as a Mail-Away Closing.
