Preparing for Closing – It’s Not That Hard!
April 17, 2010
Before the actual closing day, you need to make sure that all things necessary to a faultless closing are checked, double-checked and settled. This way, you will be able to pull off a smooth closing. Your Grand Tower real estate agent will likely have some great advice on how to prepare for closing.
Review the Figures and Credits
A couple of days before closing, you need to make sure that you have prepared and reviewed your final closing statement or your HUD-1 Statement. Go over the figures and calculates and make sure that everything is in order. You should be given credit for your deposits.
Credits due to you from the property seller should also be given to you. Other credits that have been agreed upon between the buyer and the seller should also be given to you. Check the calculations of figures once again. After all, there can be errors and these errors can be avoided.
You also need to go over the escrow fees and property titles in order to make sure that they are ready for the closing. They need to be exactly what the seller presents them to be. You need to make sure that everything is in order with these documents.
Check the Documents – Double Check It Again
Before the closing day, you need to review all documents pertinent to the sale. For instance, you have to check the preliminary review again. You should also review the guarantee of title insurance. These documents should be accurate in their legal descriptions of the property. Encumbrances, liens or other items which are part of the property and can have an impact on the sale and transfer of title should also be appropriately reviewed.
Items that you may not be in agreement with should be removed. The escrow agents should make sure that he has your correct vesting. If you want to avoid the hassle later in the future, you should make sure that the documents are clear on how you want to possess or assume ownership of the property.
Check and Inspect the Property Once Again
Besides checking and reviewing the documents, you also have to re-inspect the property and make sure that you have thoroughly checked everything out. It should be exactly the way you expect it to be. There should be no nasty surprises. Have all necessary repairs been made? Make sure that your Grand Tower real estate agent understands your expectations completely.
There are just a few of the things that you can do in order to prepare for closing.
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