A real estate closing is a meeting that is a long time in the making. Sellers may accept offers weeks or more than a month before a closing is possible. Inspections, title research and other elements of the real estate transaction can take quite some time to complete.
After waiting for weeks, buyers and sellers sometimes find themselves in a difficult scenario where the closing falls apart at the last minute. They then either need to re-negotiate or prepare to go back on the market. The following are some of the ways that realtors, buyers and sellers alike can help to ensure that a smooth closing takes place as planned and scheduled.
Review documents ahead of time
Buyers and their agents typically benefit from a thorough review of the closing paperwork. Buyers who do not look over the documents ahead of time may spot issues with them at the closing table. Agents typically need to review the documents on their own to ensure that nothing is awry.
They may also need to discuss elements of the documents with their clients so that they don’t find the paperwork surprising when they actually sit down to sign everything. Agents who know their clients’ pain points and who have already reviewed documents can help prevent paperwork issues from derailing a closing.
Be ready for the final inspection
Agents representing both buyers and sellers need to help their clients prepare for the final walk-through inspection. Sellers may need help recalling any special concessions they made to the buyers, such as leaving behind a particular piece of furniture or steam cleaning the carpets.
Buyers may need help differentiating between actual damage to the property that warrants renegotiating and minor cosmetic issues. Fighting over minor damage, like a single hole in the drywall, may cost more money to address with the seller than to actually repair.
Make sure that all requirements are met
Buyers need proof of homeowner’s insurance. Sellers may need to have arrangements in place for vacating the property. Both parties may need the agents representing them to check in and ensure that they have everything ready for the closing. First-time buyers, in particular, may require assistance getting everything together so that they can sign the paperwork without incident at the title office.
Agents who have attorneys assisting them as they represent their residential real estate clients are less likely to make preventable mistakes and have someone they can rely on if there are questions about the documents or any kind of conflict on the way to the closing table. Proper planning can help ensure a smooth and painless closing process for buyers, sellers and the agents representing them.