Whether this is your first closing or if you have been through this before, closing on a purchase of a home can be stressful and all the paperwork can seem overwhelming. However, there are several things that you can do prior to the actual closing day that will help to ensure that your real estate transaction will go smoothly.

• Review the Documents. A day or two before closing, you should review your final closing statement or HUD-1 Statement, whichever is used in your area of the country. Take the time to go over all the calculations and be certain that you are given credit for all your deposits and any other credits due to you from the seller or for other items agreed upon between buyer and seller. Go over all the lender and title and escrow fees, to be sure they are what you had been told and that you agree to them. It is always a good idea to check the math calculations on the closing statement.
• Do a final walk through inspection. In addition to the paperwork which you must review and verify, you should reinspect the property once again just prior to closing. Make sure that your contract allows you to examine the property within 24 hours prior to closing. This is the buyer’s last chance to make sure that everything works, and that the seller has vacated the house, leaving the appliances or property in agreed upon terms. If, during the walk-through, the buyers find major problems or violations of the purchase contract, they have the right to hold up the settlement until things are fixed.
• Gather all necessary documents and receipts. Take time to arrange and organize all the items you are to take with you to the actual closing, you do not want to forget something and delay the closing. It is a good idea to create a file folder so you have everything in one place. Some items to remember to bring along are: your drivers license, proof of homeowners insurance-bring the insurance policy and paid receipt, personal checks are not accepted for closing costs so be sure to bring a cashiers check or money order in the correct amount.
• Check and Double-Check. The most important thing to remember is that before closing you want to be certain that all the conditions of the purchase contract have been met. You want to be sure that all directions given to the closing agent have been performed. Before signing your name to any closing documents, check and double check that everything is correct, interest rate, fees charged and condition of the property.

This entry was posted on Tuesday, November 27th, 2007 at 7:34 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed.