Easy steps to help you finish real estate deals



What To Do On Closing Day!

Your offer has been accepted and it feels real good to see results from your action! Now its time to do the work that will lead to title transfer.

Here is a list to follow in making sure you get all the required things done before your closing date. If you miss or forget any of these items it could cause your closing to be late or even cause the seller to back out of the deal. So make sure you check off each item as you get them complete.

The first thing to do is completely fill out the Contract. Make sure you have all the legal owners of record on the contract and a signature for each. You can find out who they all are by checking the deed recorded at the courthouse.
Put the legal address for the property that you can find on the deed at the courthouse on the contract description section.
Take your contract to an Attorney or Title Company and have them review it for any problems. If there are no problems have them start the title search.
Get a copy of the tax, utilities and insurance bills. Make sure all are up-to-date.

After your Attorney or Title Company informs you that the title is good then do the following:
Visit the property with the seller and make a list of all the appliances and other personal property that is being included in your purchase. Also make a list of all the damage that is present to the property. Have the seller sign your list(s) and give them a copy. Note any that require immediate repair.

Get estimates scheduled for these repairs.
Have all the inspections you want or are required to have on the property scheduled.
Apply to the sources who will be financing the property or who you will be assuming the present mortgage with.
Apply for any permits or approvals you will need to use the property the way you are planning.

After you find out the closing date get these items taken care of about a week before that date.
Advertise to get all empty rental units filled up.
Talk to your Attorney or Title Company and make sure you have everything done that they need.
Get the exact amount, if any of money you will need at the closing and arrange to have it.
Get insurance ready for the property.

On closing day visit the property and take your list of personal property that is included in your purchase with you. Make sure that everything on your list is still there. This is very important! I have had stoves, refrigerators, garage door openers, and other items come up missing on closing day! Also use your damage list to see if any new damage is present. If anything is different than when you started this contract you can stop the closing until you work out the problems with the seller. In a situation like this the seller is in default of the contract and could be held liable.

At the closing get all the keys, warranty papers, service contracts and any other items pertaining to the property from the seller.

After the closing have all the contracts and notes recorded at your courthouse. Send a copy of all the recorded documents to those involved with this transaction.

No matter who is responsible for paying the bill on these items above it is in your best interest as the buyer to see that each item is done on time. The payment for the services performed above will usually be made at closing from the appropriate parties funds.


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