A How-to Guide for a Smooth and Successful Closing in Real Estate
When purchasing real estate, you may get confused on what you ought to bring to closing. This is because there are a lot of things that happen throughout the process of buying or selling a house. It is normal for one to get confused when they are buying property for the first time. There are a lot of papers that have to be prepared when closing a property deal. This process requires you to be alert not to forget some essential details. Forgetting crucial information will delay the whole process which will cost you a lot of time. Thus, it is crucial that you learn the things that must be brought to closing and how to get to the closing table. Below are tips to help you know what you must bring to the closing for a successful deal.
To start with, the documents required must be prepared ready for the process. You can thus use the list to check off the things that you have ready and what you don’t have. If you are required to produce any extra document, it is crucial that you consult your agent or attorney for help. During the closing process, it is advisable to hire an attorney because they will help you a lot in this. When it comes to the documents, make sure you have the cashier’s check, photo ID, sales contract and proof of insurance. Additionally, you must prove your identity when you go for the closing. You can identify yourself using the driver’s license, photo ID, military license or a current passport, as long as there is your image on them.
You must also note that a regular check is not acceptable apart from a cashier’s check. This check must be available since it will be used to cover the closing costs and also make a down payment on the new purchase. However, there are companies that allow you to make a wire transfer if that is what you prefer. You must, therefore, get the amount of money required so that you can write the correct amount on the check.
The agent must be told how you want the title of the property to be during the closing day. If it is a joint tenancy, both parties on the contract usually have a right of survivorship.
You must also be aware that the closing will be quite a long process because there are many things to deal with. You must be patient with the process because you will sign many papers. Therefore, you must get ready for this before the actual closing day. After all the documents signing is done, then the particular property will be transferred to your name.