In a perfect world, every real estate closing would go off without a hitch. The last pieces of business would be taken care of, and the process would take under an hour. In the real world, however, this isn’t always the case. Unforeseen problems throw snags into the proceedings, and suddenly a closing takes hours, or worse, has to be canceled and rescheduled. While there’s no way to absolutely guarantee that this won’t happen, there are several steps you can take in advance to increase the likelihood that your real estate closing will go smoothly.
How to Ensure a Smooth Real Estate Closing
If the information on any document is found to be incorrect, even a simple misspelling, it can delay or even necessitate the rescheduling of a closing. Ask to see all paperwork in advance and check and recheck every piece of information until it is verified.
Transfer the down payment to the closing agent a few days in advance to eliminate the possibility of a last minute problem at the bank. Don’t worry if you send too much, you’ll get a refund. An alternative to transferring the funds is to bring a certified or cashier’s check to the closing.
Expedite Loan Documents
If the closing agent doesn’t receive the loan documents in time, this will put a major snag in the proceedings. You can avoid this by asking the closing agent and the lender in advance if they have everything they need including bank statements and tax returns. Call again on the day of your closing to confirm that everything is ready to go.
To avoid last minute title trouble, get your own copy of the preliminary title report (completed after escrow opens) to review. Your title company will inform you of any problems they find during the title search, but there are some things that can’t be found, making it important to purchase title insurance at the time of closing.
Final Walk-Through Problems
If you find any problems with the home during your final walk-through, tell you agent immediately so he or she can work towards a solution with the sellers agent.
Enlist a Real Estate Settlement Service
A real estate settlement service can take care of many of these pre-closing tasks for you and coordinate parties and documents so that the closing can go smoothly.
About Colony Title Associates:
Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!