Real Estate Closings – Commercial and Residential
In an ideal world, real estate closings would be simple; buyer and seller sign on the dotted lines, exchanges checks for the keys and shake hands. However, real estate closings are rarely this simply. Raines, Dusing & Sutton want your closing to go as smooth as possible. Here are some real estate closing tips:
Ask Questions – Do not enter the process blind. Ask any and all questions you have about the process, exactly what you need to bring and who should be there with you. Talk to your agent, loan officers and title companies.
Review ALL Documents in Advance – Closings are delayed or cancelled all the time due to do missing documents, misprinted percentages, incorrect terms of loans, misspelled names, etc. Human error occurs but reviewing everything carefully prior to the closing day can eliminate their effect. In KY, you have the right to review the closing-settlement statements (HUD-1) form, at least 24 hours prior to closing. Take advantage of this!
Bring the Proper Form of Payment –The settlement statement will state how much money you need to bring to a closing. Most transactions require a certified check or a wire transfer. Inquire as to what form of payment is necessary and acceptable. Don’t forget that wire transfers may take several days to confirm and complete!
Expect the Unexpected – A simple closing can be done in 30-60 minutes, however, unexpected delays can occur. Make sure you allow plenty of time and don’t be rushed to get back to work.
No Major Purchases – Lenders are required to run credit checks again 3-7 days prior to close. Any new purchase will show up on the credit statement and can result in a declined loan. Hold off buying big ticket items until the deal is done!