So you¡¯ve survived most of the escrow process with very little wear and tear,
you are now in the final stages of escrow and the purchase of your house is
soon to close. What exactly occurs during closing and what can you do to
prepare? There are several things you should do to be certain that your real
estate transaction will close on time, and that everything will go smoothly.
Double-Check All Monies and Financial Calculations
A day or two before closing, you should review your final closing statement or
HUD-1 Statement, whichever is used in your area of the country. You should
take the time to examine all calculations and be certain that you are given credit
for all your deposits and any other credits due to you from the seller or for
other items agreed upon between yourself (the buyer) and seller on your
purchase contract. Go over all the lender, title, escrow and additional fees, to
be sure that they are what you had been told and that you had agreed to them.
Check the math calculations on the closing statement. This is the time to catch
any errors, as they do occur and get them corrected as soon as possible.
Review All Paperwork and Closing Documents
Carefully review the preliminary report or the guarantee of title insurance, to
verify the exact legal description of the property and any liens, encumbrances or
other items which may have been discovered on the property. Make sure that
all items are removed that you did not agree to in writing. Verify that the title or
escrow agent has your correct vesting, or in other words, has correctly
identified the way you want to take title to the property, and it is reflected in
these documents. It is can be extremely time consuming to correct these
documents after the fact. Keep in mind that these are legally binding documents
and they are worthy of your careful review.
Make Sure You Inspect the Property During the Final Walk-through
Just before closing you will be required to re-inspect the property which is often
referred to as the final walk-through. In all fairness to the seller, don¡¯t use this
step as the time to bring up unnecessary issues that had never been addressed
in your purchase contract. By the same token, you should not view this as a
mere formality and fail to make sure that the house is in the condition that you
have been promised. Ask yourself the following questions: Is everything the
way you expect it to be? Have all the necessary repairs or other corrective
work that was promised or had been stipulated in your purchase contract been
completed? Expect to spend some time during the final walk-through and allow
yourself enough time to really pay attention and diligently check on things.
Usually the whole process will take an hour to an hour and a half. This step is
important so that you don’t arrive at your new house and find unexpected
surprises that will be difficult to take care of after the fact.
Double Check all Closing Documents Before You Sign Them
The most important thing to remember is that before closing you want to be
certain that all the conditions of the purchase contract have been met. You want
to make sure that all instructions have been completed. Before signing your
name to any closing documents, take the time to check and double check that
everything is correct– interest rate, fees charged and condition of the property.
Most likely the whole process will run smoothly; but, if not, this is the time to
catch any problems and proactively resolve them.
For more information visit http://www.nefcortez.com
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About Author
Nef Cortez -
About the Author:
Nef Cortez has been a licensed real estate broker and has held various positions in the real estate and mortgage industry for over 25 years. If you would like to read more of Nef’s pithy and timely advice (with the latest info on local foreclosures), visit his website at Real Estate in Chino Hills
