Now that you have a buyer for your property, you are no doubt eagerly awaiting the day of closing.
To avoid any last-minute problems and possible delays, here are four tips to ensure the closing occurs in a smooth and timely fashion.
1. Title search
Once you have a buyer for your home, make sure you pay off all your loans, debts and taxes. You do not want any of these to appear as defects against your property when the title company initiates its search. You may wish to have your attorney review all the documentation pertaining to your property to ensure everything is in order for the sale.
2. Final walkthrough
All decisions as to who takes or leaves the window treatments and other such negotiations must be in writing in the purchase agreement. When properly recorded, there should be no surprises when the buyer does the final walkthrough of the property prior to closing.
3. Closing Disclosure
The Closing Disclosure (CD) constitutes paperwork that outlines the terms of the buyer’s mortgage loan and any closing costs. The title company must provide the CD to the buyer according to a strict schedule. The buyer must sign on time to avoid a delay in the closing.
4. Document errors
Before signing any of the many documents related to the sale of your property, make sure there are no mistakes. Look for tacked-on fees, misspellings and any other document errors. To avoid errors that may delay your closing, ask to review the paperwork in advance of signing day, allowing time for your attorney to address any issues that might arise.