IMPORTANT THINGS TO DO FOR A SEAMLESS CLOSING (AND 15 reasons you need a Real Estate Agent)
Get a Realtor that knows their stuff!
- Make sure the contract and all riders are executed by all parties and you receive a fully executed copy of the contract. This means signed by everyone involved.
- Your realtor should prepare a schedule of critical dates from the contract and be sure both buyer and seller receive with request to confirm approval. Critical dates are: Effective Date; First deposit deadline; Inspection deadline; Second deposit deadline; Financing Approval deadline; Title Insurance Commitment delivery date; Closing Date; Any other contingencies that must be met by either side under the contract.
- Coordinate the delivery of the first deposit to the escrow agent and follow up to confirm that it is received on time.
- You should be provided with several home inspection company contacts and help them coordinate time and date with seller’s agent.
- You and/or your realtor should attend the home inspection and make sure the home inspection report is e-mailed to the client.
- Communicate with the realtor as to whether there is a need to negotiate for seller repairs or a price adjustment based on repairs needed.
- Remember the second deposit deadline and monitor the timely delivery of it to the escrow agent.
- [If the home you're buying is a CONDO or has an HOA] obtain the application from the Association Manager from your realtor with return instructions. Monitor the timely delivery.
- If financing is involved, obtain the contact information for the mortgage broker or lender and forward it to the attorney or title company handling the closing.
- You'll need a “survey” if you're obtaining financing, coordinate the ordering of the survey with the title agent and your realtor.
- Keep track of the Loan Approval Deadline and coordinate with your realtor to deliver the confirmation of loan approval to the seller agent.
- Request a draft closing statement from the closing agent 48 hours before the Closing Date and review same for accuracy. Ask to review this with your realtor.
- Schedule and attend walk through with your Realtor.
- Attend closing with your Realtor.