Following these five tips will help you as either the seller or the buyer reach the closing table
with big smiles & no unwanted surprises.
- More Real Estate Closing Tips:
Here are a few quick reminders of things to watch out for
before and during a real estate closing.
- Don’t open any credit accounts after you have been approved for your loan and before closing. Wait until after closing to open any new accounts or to charge major purchases. The lender will re-check your credit just before closing. If they see new credit lines opened you may not qualify for the loan anymore and lose the property you wanted to purchase.
- Make sure to schedule and complete a final walk through inspection of the house just before going to the closing to make sure the property is acceptable and nothing has changed through the course of the transaction, like appliances or light fixtures being switched out.
- Make sure to check with your bank at least two weeks prior to closing on the availability of funds you will need for closing. You will also need to know how long it takes to get a cashier’s check or wired funds from your account. Also be sure to find out how the title company would like these funds transferred, most prefer wiring. If wiring funds you will need the title company's wiring instructions to give to your bank.
- Ask the title company to please give you a complete copy of the Settlement Statement 24 hours in advance of the closing so you have plenty of time to review the numbers and have changes made if needed. Ask your lender to look it over as well for accuracy. The final numbers should be close to the figures in the Good Faith Estimate that your lender gave you.
- Make sure you bring a photo ID to closing.
- Take a deep breath and be prepared for a minimum of an hour if you will be at the closing by yourself. If the buyer and seller are closing at the same time expect a minimum of 2 hours.
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