Between the number crunching, mortgage paperwork, home inspection and negotiation, we can safely say that the home buying process is an enormous time-suck. The entire process may take several months. You don’t want to make it any longer by facing some problems during closing.
Preparation is the key to a successful closing. There are certain steps that must be completed to ensure that closing goes off without a hitch.
Here are 4 things you should do for a painless closing day.
Contact all parties involved
Talk to your real estate agent, your loan officer and your attorney a week before closing. Feel free to ask any questions you may have about the process. Make sure that all your concerns are addressed well before the closing date. Knowing what to expect and communicating with all parties involved are the key to a successful closing.
Hire a real estate attorney
Since closing is a legal transaction, you need the services of a lawyer. A few days before closing, you’ll need to meet with your lawyer to review the sales contract before you sign it.
Acquire certified funds
Your real estate agent or closing agent can provide you a copy of the closing statement. Here, you’ll find the amount you owe at the closing table.
Since personal checks will not be accepted at closing, you’ll need to go to the bank to get a cashier’s or certified check a day before closing. Alternatively, you can arrange a wire transfer from your bank account to the closing agent’s account.
Go on the final walk-through inspection
The day before the closing, buyers typically do a final walk through of the property. This is done in order to ensure that the property is in the same condition as when you ratified the contract to purchase it.