Real Estate Closing Survival Guide – Part I

Real Estate Closing Survival Guide – Part I

Just like every mother has a labor story, every homeowner has a tale of sadness and surprise about their closing. For a first-time home buyer who has heard these stories, the closing takes on an air of mystery complete with anxiety and drama.

The closing is the end of the long and grueling process of buying a house. It is the day you close the deal on a piece of real estate. Basically it’s the final transfer of money and keys. When you walk out, you own a new home.

So, buying a house is hard work; closing on one is like taking a final exam. What can you expect when you get there — other than writer’s cramp?
re survival guide property guiding
Timing is everything
Timing is critical when scheduling the transaction. Consider these:

Current living situation. If you are renting, you’ll want to schedule the closing around the time your lease ends. If your plan is to do some work on your new home before moving in, pick a date a couple of months before you have to move from your rental.

If you’ll be moving out of a house that you are selling, you’ll be juggling two closing dates. Most folks need the cash out of the first house to pay for the second house, so schedule the closings in the right order. But beware; two closings in one day will make for a headache. However, it’s over in one fell swoop.

  •   Mortgage considerations. Make sure the closing date is set before your lender’s commitment — or any interest rate lock — expires.
  •   Work schedule. Though most well-run closings last only about an hour, you don’t want to try to squeeze this into a lunch break. Things can go wrong. And hey — this is a huge day in your life, so take at least half of it off from work.
  •   Moving. If you plan to move the day you close, schedule the paperwork as early in the day as you can.

Part II to follow next week.

Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public.

Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com.

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Posted on April 19, 2013, in Title and tagged , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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