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EASY STEPS TO A STRESS FREE CLOSING: Valuable information to make your sale or purchase transaction easy and stress free.
- It is best when buyers and sellers are represented by an experienced Realtor®, preferably before contract signing. There is much less chance of a misunderstanding and missed deadlines, which can be costly on both sides. The return on your investment can be invaluable.
- Hire a LOCAL mortgage broker or lender. Internet and out-of-state companies can wreak havoc on closings. Find someone who will be sitting at the closing table with you and be accountable for what was promised and what is delivered.
- Your title processor and closer are your friends. Freely provide information requested and share information that may be pertinent to the transaction.
- Does your new purchase require Association approval? If so, allow plenty of time for the approval process and be sure to have your approval in hand prior to closing. If there is a fee required, be certain it accompanies the application and inquire whether a face-to-ace interview is required by the Association.
- When purchasing your home or a condominium, it’s imperative to have your homeowners and flood (if applicable) insurance(s) in place at least one week before closing. (If a tropical storm is brewing, you may find yourself uninsured and unable to close.)
- If you must bring money to closing, don’t wait until the last minute to make arrangements for your wire. Make arrangements to have your wire initiated at least a day or two before closing, unless you are obtaining funds from a brokerage account or IRA – then it’s imperative that you make those arrangements 7 to 10 days prior to closing.
- Try not to schedule your closing on the last day of the month. This is the busiest day of the month for lenders, title agents, and Realtors®. Despite everyone’s best efforts, there are often snafus.
- When possible, do your walk-thru the day before closing. If there are any problems or disputes this will allow time to work them out or extend the contract. If an escrow agreement is needed, at the very least, this will give the title agent time to prepare that document.