AgentOwned Realty
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You are going to CLOSING

Posted By: Gary Buchanan In: Charleston Real Estate
Date: Mon, Nov 14th 2016 7:55 am

Finally, you have gotten from the “Let’s look at homes” stage, to the actual “Closing”.  You have had so many vendors in to review the house and give opinions on fixes, pricing and more.  Now you are a few weeks out from Closing.  What do you do…….?  Nothing left to do right..?   Well, let’s go over the Closing Checklist.  All good Realtors® have Checklists….!

Let’s break the checklist out into sections of Responsibility:

  1. Buyers
  2. Buyer Agent

 

  1. Buyer – Here is what you should be thinking about and doing:
    1. Verify Lender is still moving forward and YOU have given them Everything they have requested and need.
    2. By now you should have selected a Closing Attorney, so work closely with your Realtor® to verify the Attorney’s Office has all the paperwork, dates and dollars verified.
    3. Verify the Home Warranty is in place…again work closely with your Realtor®
    4. Get Home Owners Insurance checked out in detail and get that finalized and give them Closing Attorney details and dates.
    5. Read over covenants and restrictions (if your new neighborhood has HOA). Ask your Realtor® for them if he/she hasn’t provided yet (should have been done during Due Diligence, in case something vividly restricts you from living there).
    6. Call your Utility Company/s to get services put into Your Name the day of Closing.

 

  1. Buyer Agent- Here is what most Buyer Agents would be looking to take care of and make sure things are on task:
    1. Discuss things with the Lender to make sure Closing Dates will be hit and get idea how much Buyer needs to “bring to the table”.
    2. Verify the HUD/Closing Disclosure is going to be delivered 3 days prior to Closing.
    3. Discuss things with Attorney/Paralegal to make sure all the Title details are going as scheduled.
    4. Help Buyer on All their Tasks as needed.
    5. Get copy of existing Title Policy from Seller (if you can, as it can be re-assigned, thus saving a few dollars on Owners Title Insurance.
    6. Get Pre-Final Loan Approval from the Lender so you can satisfy Section 7 (Finance Section) of the Contract.
    7. Verify how the Earnest Money will be transferred to the Closing.
    8. Is there a current Survey/Plat of the property….work on getting one to Buyer.
    9. Discuss Flood Insurance again with the Buyers (X Zone still should think about Flood Insurance)
    10. Get Final Walk Through scheduled (the morning of Closing)
    11. Verify commissions for selling and buyer agent, by discussing with the Attorney/Paralegal.

Wow…..I think that is a good start on the Checklist.  Also, think about the Attorney and the Lender having a checklist too.  They should be reaching out to the Buyer and Buyer Agent to get their final details done.

I hope this is somewhat helpful for you.  Please let me know if I can help you some day.

Gary Buchanan/Realtor® w/AgentOwned Realty - gary@garybuchananrealty.com              843-647-7743