Prepare for real estate settlement closing day
Congratulations, you are reaching the closing date for your real estate settlement.
The closing or real estate settlement is when both parties, the buyer and seller, sign the final ownership and insurance paperwork for the transfer of a real estate property.
It can be overwhelming, much if you are unfamiliar with what to expect. You need to be proactive to make this date a great experience. Being prepared and knowledgable on what to expect on a real estate closing, takes out the stress and lets you have a clear mindset when taking care on one of your greatest investments of your lifetime.
Be ready to review, at least three days before the scheduled real estate settlement closing day, the closing disclosure statement which describes the terms of the loan, final closing costs and any outstanding charges or fees. It is important to take the time to examine it and to feel free to ask any questions to your title company for clarifications.
Checklist to keep in mind:
1. Make sure to do a final walk-through of the property.
2. Take advantage of your rights and verify before closing that all repairs were made as agreed and that the buyer has vacated the property.
3. Arrange to transfer the utilities in your name to be effective with the day of the scheduled closing.
4. Talk to your title agent at least three days in advanced to ensure if you need to bring a cashier’s check and/or that they have the correct wire transfer fund instructions, from the bank account you are retiring the funds, confirm which type of identification is needed (it is usually two forms of IDs).
On the day of the closing, take your time reading all the documents. Don’t rush by feeling overwhelmed. Do not sign forms with blank lines. Remember, the title company you choose is there to make this transition with upmost professionalism and seamless as possible. They are there with you to answer any questions or concerns, here is the time to clarify anything if needed. You need to sign with confident and understanding of all the paperwork.
