I love being a part of closing day with my real estate clients.
It’s the day we get to celebrate all the work we’ve put into looking for the perfect new place each family gets to call home. Some of my clients get nervous because they’re not sure what to expect, so it’s my job to help calm their nerves, to prepare them thoroughly, and to point them toward the exciting part of this day.
With so many homes selling in the Middle Tennessee area right now, I know there must be several of you who could use a refresher on what to expect on closing day so you can look forward to celebrating too!
- Call your lender well before the closing date to make sure everything is nailed down to secure your funding. Most delays at closings happen because a bank is missing documents they need from the buyer.
- DO NOT. I repeat, DO NOT open up any new lines of credit for cars or credit cards or make large charges to existing lines of credit before your closing day. This can delay or cancel your closing.
- Complete your final walk-through with your agent and make sure the seller has completed all agreed-upon repairs. If something has not been done, make sure to point it out to your agent so he or she can contact the seller and get everything squared away before closing day.
- Ask to see your HUD-1 Settlement Statement and compare it to your Good Faith Estimate to make sure there are no major discrepancies in the list of fees that you will be expected to pay at your closing. Ask questions BEFORE closing day.
- Review the entire process with your lender, attorney, and/or agent so you are informed and ready to sign papers. The entire process takes 1-1.5 hours, but it will go quickly and smoothly if you already have an idea of what you’re signing.
- The day before your closing, compile everything you need to bring with you so you are not running around last-minute. Important things to remember are: IDs for each buyer, proof of homeowners insurance, inspection reports, your good faith estimate, and a cashier’s check made out to the settlement company for all closing costs. (Wire funds are also permitted, but personal checks are generally not.)
- Last but not least, make sure everyone who needs to be there to represent you and your interests (agent, lender, closing agent, title company representative, and attorney if applicable) knows the time and place of this important meeting!
- Please make sure you have made arrangements for Utilities to be transferred into or out of your name the day of closing, unless transfer dates have been agreed upon by both parties in writing.
Closing day should be a fun day! I have years of experience in real estate closings, and I’d love to walk you through the entire process and celebrate with you as you take your keys!