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Tips for a Trouble-Free Closing
By Barbara Pronin
As a career agent, you put many hours and a lot of expertise into putting a sale together, and as your escrow partner, we are committed to managing exceptional closing experiences for you and your clients.
 
Because the devil, as they say, is often in the details, we offer our nine best tips for paving the way toward more trouble-free closings:
  1. Contract specifics - Be sure the legal description of the property is correct and use full legal names as well as complete addresses and contact information for all parties, including the real estate professional.
  2. Buyer/Seller marital status - List the marital status of the buyer(s) and seller(s) at the time of contract. Even if title is vested in one party, marital status can make a difference in terms of who needs to sign closing documents.
  3. Lender details - Provide the name of the new mortgage lender, and the name and phone number of the loan officer, as well as the name and address of the seller’s mortgage holder, including the loan number and seller’s social security number.
  4. Trouble-spotting - Please let us know at the time the order is submitted about any known liens or potential title problems, such as probates, bankruptcies or lawsuits.
  5. Power of Attorney (POA) issues - If there’s a need for a POA, let us know right away, as we will need to review and verify POA forms.
  6. Inspections - Prevent delays by ensuring that inspections are completed before the expiration of the option period. Let us know who is paying for inspection/repairs, provide us with the invoices, and if the seller is providing a home warranty, we need to know the company of preference.
  7. Change notification - For notarization purposes, current and valid government-issued identification is required for all parties at closing - and please help us avoid delays by informing us immediately if there are any changes in the charges or invoices to be reflected on the closing statement.
  8. Good Faith Estimates - Be sure your buyer is aware that the Good Faith Estimate provided by the lender at the time of loan application was an estimate only. Contact us for the exact closing cost.
  9. Cash at closing - Your buyer should also understand that a cashier’s check or wired funds payable to the escrow company is required for down payment, closing costs, and fees due at closing. 
Barbara Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.

This material is not intended to be relied upon as a statement of the law, and is not to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice.  The material is meant for general illustration and/or informational purposes only.  Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. 


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