Closing day can be one of the most important and nerve-wracking days in a client's life. As a realtor, you understand the significance of a successful real estate closing. However, with numerous responsibilities on your plate, it's easy for small details to slip through the cracks. That's where True Title comes in! Follow our 10-point closing checklist to ensure everything goes according to plan.
Verify the Correct Parties
It's crucial to verify that the parties executing the sale contract are the correct ones. Ensure that the seller is the rightful owner of the property and that the person signing the contract is an authorized representative if the seller is a business or trust.
Identify all Property
In commercial transactions, sellers may own multiple adjacent parcels. To avoid any risks, make sure all parcels are included in the deal. Notify the title company and surveyor of any adjacent parking lots or ingress/egress easements.
Due Diligence and Contingency Chart
Attach a "due diligence/contingency" chart to the sale contract. This ensures that all parties involved, including third-party vendors like inspectors and attorneys, are aware of the deadlines for various contingencies and due diligence.
Buyer's Responsiveness
Confirm that the buyer is providing all the necessary information to the lender. Periodically contact the buyer's representatives, such as the buyer's agent or counsel, to ensure the loan approval process is on track.
Stay in Touch with the Title Insurance Company
Maintain regular communication with the title insurance agency handling the transaction. This includes real estate agents, attorneys, and paralegals involved. Keeping everyone updated will help keep the pre-closing process on schedule.
Review Title Commitment and Boundary Survey
Address any title issues that arise promptly. Seek assistance from relevant professionals like attorneys, surveyors, and the title company to resolve any potential problems.
Educate Your Client
Don't leave your client in the dark about the closing process. Provide them with a closing process checklist to ensure they understand their responsibilities and can help keep the transaction on track.
Review Closing Documents
Request copies of all intended closing documents and statements before the closing date. Ensure that all parties involved review and approve each item. Confirm that the buyer knows the exact amount of cash needed and the form of payment required.
Coordinate with All Parties
Coordinate the closing date, time, and logistics with the title company representative and anyone else involved. Get confirmation from all parties well in advance of the closing.
Closing Instruction Letter
Send a closing instruction letter to the title company on behalf of your client. This letter serves as a final checklist and communicates your client's expectations.
If you encounter any challenges during the closing process, True Title is here to help. We understand that there are numerous details to get right, and we offer a free consultation to assist you every step of the way. Our goal is to ensure that you and your client walk away from the closing table with smiles on your faces.
Give us a call today and let us guide you to a successful real estate closing!
