What are some things to think about for your real estate closing day?

What are some things to think about for your real estate closing day?

First off, thanks for reading this blog article – What are some things to think about for your real estate closing day? We hope you find it informative and helpful. So therefore long before your closing day – finding and buying your dream home can be a long process. The last thing you want after all your time spent searching for homes and getting the best mortgage rate is to have everything go wrong on closing day.

Here are five closing day tips that will help ensure it goes smoothly for a real estate transaction.

1. Schedule a date that works best for you. – What are some things to think about for your real estate closing day?

You have every right to request the closing take place at an ideal time for you, and the other parties in the transaction will usually work with you to make it happen. Whether it’s timing the closing around a pay date or the end of a lease, the first step is finding a date that minimizes stress or conflicts.

2. Double check insurance.

You’ll need to arrange for a title insurance policy for your mortgage and purchase homeowner’s insurance (plus flood insurance, depending on the area; it’s South Florida, after all). Make sure your policy begins by your closing date.

3. Do a final walk-through. What are some things to think about for your real estate closing day?

You’d be surprised to find that buyers skip this step! Schedule a final walk-through to ensure that all requested repairs have been made and everything is in working order.

4. Take action based on walk-through.

If any issues are identified, you may need to delay the closing or negotiate a discount before the closing date to avoid delays.

5. Clarify your payment. – What are some things to think about for your real estate closing day?

Many title companies do not accept personal checks, so give yourself a few days to get a cashier’s check or set up a secure wire transfer.

Let us talk about which down payment strategy is right for you when it comes to closing day. With all the money that goes into paying for a new home, you want to make sure you are spending your hard-earned dollars on a legitimate piece of property—and that is where a title company comes in.

How do you know you are buying a legitimate property prior to your closing day?

When you purchase a home, a title company will research the property to ensure that you are the rightful owner. They will look through records for anything that might cause problems such as:
• ownership disputes,
• restrictions,
• unpaid taxes,
• liens, and more.

Their goal is to document the chain of title and identify any issues that could become major problems down the road. At the end of the researching phase of this process, the title company issues a title opinion. This is a legal document that states that the title is valid.

The title opinion is necessary because it allows you to go ahead and work on obtaining the needed title insurance. This title insurance protects both the owner and the lender if there is a title dispute. If another party is actually the rightful owner of the home, your title insurance protects you from financial loss.

Consider that many people put anywhere from 10% down on a home to more than 30% down towards the financing of the home. Other people pay cash for the property, when you buy cash – you are literally paying the entire requested sales price upfront.

This is why title insurance is so important because it protects you from losing the cash and/or down payment into the property if an issue comes up in reference to the title.

In addition to title opinions and title insurance, title companies also handle escrow accounts and distribute money to the appropriate parties at closing. They will also deliver closing documents to the appropriate agencies.

Thankfully, Discom Realty has plenty of knowledge and transaction experience to ensure that you get aligned to a strong title company. We want to see your real transaction go off without any issues and that is why experience is so important in the title business.

Therefore, that is why Discom Realty has several title companies we highly recommend based on past performance and having a great reputation in addition to seeking the best rate. As your local real estate professional, we will and can refer you to some great title companies. So let’s get the conversation started now, so your closing day is exciting and not stressful.

Thanks for reading this much of this blog article “What are some things to think about for your real estate closing day?” by Discom Realty! 

How do I make my real estate closing stress-free?

The simple answer is to talk to your Realtor and figure out who is involved in this. Ask your Realtor what the different players are responsible for and what you are responsible for. Also, find out what they do not do in reference to your closing day.

Many times, first-time home buyers assume that some individuals do more than they actually do. Creating a stress-free day is eliminating assumptions and to get fully informed ahead of time.

Who is involved in my closing day real estate transaction?

So let us get to know your closing day cast of characters and/or the active participants that will be working with you. By knowing who may or will show up at the closing table meeting is helpful to reduce stress and relieve anxiety.

Discom Realty will be there at the closing table so you will not feel intimidated by the cast of characters walking into the room. Our certified Realtor will ensure that you have the extra confidence you want or need knowing that we have got your best interests in mind. Further, our real estate professional is there to answer questions at the meeting to close on your new home.

The closing day brings all the dreams of house hunting and mortgage searching into reality with homeownership. So, remember as you sign the seemingly countless papers at the closing table, remember they complete the dream of your new home.

Here is who will be most likely present at the meeting:
1. You. Congratulations You Made It!
2. The Home Seller. Sometimes they are unable to attend due to distance or scheduling conflicts.
3. The Closing Agent. They represent the lender or the title company.
4. The Seller’s Real Estate Agent. They represent the interests of the property seller and it is best to have us talk to them if necessary.
5. Us – Your Realtor. We represent “you” and what is in the best interest of you solely.
6. The Lender. Depending on the transaction, the lending company will want an in-person representative at the meeting, but in most cases, the Closing Agent represents the lender.
7. The Title Company Representative. For certain transactions that might be more complex, a representative will be present to provide written evidence of the ownership of the property.
8. An Attorney. From time to time, the property is part of an estate or being divested due to a divorce, but it can also be for any number of reasons. This lawyer represents some interested party in the transaction.
9. A Real Estate Attorney. They may represent you, the lender, the title company, or the seller. In some cases, they are present to perform the duties as the closing agent. In some cases, multiple different lawyers will be attending to represent the interested individuals.

Keep in mind, everyone is here for you. They want to seal the deal. This was a brief overview of who might show up at the closing. And it should have given you a little bit about the roles of the people you will be meeting at the conference table.
Remember, that each of these individuals has knowledge and industry experience from the world of real estate, finance, and law.

Lastly, do not stress out because Discom Realty has got your back and you are the star of the show for the face-to-face closing meeting. Hopefully, this has helped you understand more about the closing day, if you have additional questions or concerns, feel free to give us a call today.