Last Minute Closing Tips

by Olga Hallstedt on 5/2/2016 in closing tips

Avoiding the small things that can and do crop up before a closing.

Whether you are buying or selling, being on top of the points below will alleviate unneeded frustration. The tips may seem trite, but provides for a smooth transition during the final crunch time!

1-3 days before closing:

Have all the invoices pertaining to the close been passed on to the title company? Are there security deposits that have to be in the closing calculations?

Review closing statements: When you receive the closing statement, is the math correct? Are the credits accurate? Insist on seeing the Closing Statements 3 days in advance. This will allow time for all parties to review and make necessary changes. The review will include your broker and may also be reviewed by legal counsel, lender, etc.

Assignments: If there are tenants or service contracts involved, be sure to have an Assignment document for the Leases and contracts to the new Buyer. If the Buyer has formed a new entity for the property this can also be addressed with an Assignment.

Utilities: Provide account numbers & meter numbers for a smooth transition. (Yes, I have found they want account numbers for switching over.)

Wire Transfer or Certified Funds: Title companies will not take cash or personal checks. Be prepared with a Cashier’s Check or wire transfer information. If the funding will be transferred via the wire, please note funding may not happen until the next business day. This often happens with late-in-the day closings. Wire transfers tend to stop at 3pm Eastern Standard Time. The title company can provide wire instructions directly to the Buyer or Seller via Secure email and the customer can wire the funds the day prior.

Don’t forget the keys. Locks will probably be changed, but timing can be tricky. If you’re the Seller, you don’t need them; turn over the keys.

Identification: Bring your Driver’s License or some other valid form of identification.

Enjoy your new property or celebrate the sale of the property!!