Home Buyers: Here are 5 Expert Tips To Ensure A Smooth Closing

You're almost to the finish line: closing on your dream home! Don't let minor obstacles derail you from this major milestone. Being aware of potential issues that may arise during the journey can help make sure everything runs smoothly and successfully in the end.

A real estate agent can be an invaluable asset during the closing process, helping to make it a much more manageable experience. Being aware of all your responsibilities and taking proactive steps will ensure you reach the finish line with as few hiccups as possible!

 

1. Read as much paperwork in advance.

Last-minute delays at real estate closings are often caused by problems with paperwork

When it comes to your biggest purchase yet, start reviewing the paperwork as soon as possible. Read and re-read each document thoroughly -- this is no time for skimming! Ensuring you understand every detail of your contracts will prevent any potential surprises down the line.

Preparation is key on closing day! Allowing yourself the time and space to review everything thoroughly before signing can give you peace of mind. Ensuring that all your questions or concerns are addressed ahead of time will help ensure a smooth process, so you won't feel rushed while everyone stands around watching.

 

2. Make sure your name is consistent throughout the documentation.

No alias, nicknames, or stage names are allowed when it comes to real estate transactions. 

You will be required to provide a government ID at closing. If your name on the ID doesn't match your paperwork, you will have to either get a new ID that matches the one on the paperwork or redo the paperwork to match the name on the ID. This might be the case if you recently got married or divorced and failed to update your driver’s license with the name change. Either way, just know that you will not be able to close your house on that day. 

To avoid this complication, make sure your state-issued ID has your current name on it and double-check your name’s spelling on the paperwork. Likewise, always share your full legal name with the lender, your real estate agent, and the title officer when carrying out the deal.

 

3. Always keep relevant parties informed.

The real estate deal doesn't just involve the buyer and the seller but also other relevant parties—the buyer’s agent, the seller’s agent, the lender, the title representative, and sometimes even a real estate attorney and an accountant.

Prior to closing, it's essential that you inform your agent and lender of any changes in job status or repairs made with the seller. Your paperwork should reflect all deals struck; this ensures protection for yourself against potential delays at closing time.

 

4. Verify banking information and payment requirements.

Before sending money via wire transfer or a cashier's check, ask questions about payment requirements and verify that all the information needed for the transfer is correct. 

Aside from your down payment which you have to pay upfront at closing, you also have to cover other closing costs, which means a huge amount of money will be moved around. Aside from making sure that the information is correct, check that the amount needed for closing costs is correct. At the appointment, a title company representative or attorney will explain how much is needed for closing and provide instructions on sending payment. Funds must be wired in advance to secure your spot at the close of escrow.

Secure your finances against wire fraud by verifying all wiring instructions before transferring funds. Always call the attorney or real estate agent to confirm the details of a requested transfer, as an emailed request should never be trusted - stay vigilant and protect yourself.

 

5. Don't hesitate to ask questions before and during closing.

If there are any words or terms you don't understand? Just ask.

Real estate is a complicated world, so there is no question too big or too small. No matter if it's your first time purchasing a home or your third, it's easy to feel overwhelmed.
Avoid the pre-closing jitters by scheduling a call to your title company. Ask them questions and clear up any confusion so you can be confident when it comes time for closing day.
To ensure a successful closing, arm yourself with the necessary questions for both your agent and title officer. Taking these proactive steps will guarantee an efficient close process.

The whole process may seem at times to be complex and stressful but having a professional and experienced real estate agent on your side will make all of the difference. We at Santa Sells Houses, are ready to provide you all the necessary support and assistance. Contact one of our expert real estate agents, or give us a call at (519) 914-2679. You can also reach us thru email at Info@SantaSellsHouses.Com.