Closing day has arrived and your long-awaited dreams of buying that first home or rental property are about to become reality. But before your dreams can come true, be sure to retrace your steps to ensure that nothing has been forgotten. Closings can be one of the most tedious processes in buying or refinancing a home because if anything goes wrong the closing will not happen that day. Though you or the client may not be able to control the matter as a whole, there are some precautions that you may take to help avoid any mistakes throughout the closing process.
Preparation:
Prior to closing:
Ensure that all provided documents have been thoroughly reviewed before the closing date. This step allows everyone involved to be refreshed on the documents and confident in what is being signed.
Closing day:
Closing day:
Property items:
Everyone wants the closing day to be the last time they need to meet regarding property details. Therefore, the client must bring all items associated with the property, such as keys and garage openers.
Documentation:
Be sure to have all original documents present, including any Photo IDs, Power of Attorney, Living Trust documents, Letters Testamentary, Divorce/Separation agreements, Home Warranties, Transfer Stamps, and Corporate seals if documents are being signed in that capacity. Clients should also be advised to keep all of their documents in a folder in case they need to refer to the terms of the document to ensure they are as expected.
Financing:
Be sure to bring a checkbook to closing. Clients may be getting funds wired, therefore, a voided check may be required. On the other hand, there may also be some small charges to arise which would not otherwise interfere with a deal, but if there is no way to pay, there is a delay.
Follow-up by Notary/Attorney:
Have the client provide a forwarding address for important follow-up information or refund checks that may be headed their way. Also, collect the name, address, and phone number of a non-household next of kin in case of an emergency that requires the transfer of property responsibility.
