Real Estate Contract is Done, Now What?

After your real estate contract is executed and the option period is over, you can relax a little.  Whether you are the buyer or seller, one of the most stressful aspects of the transaction is over.  Now you are heading to closing.

To avoid common closing delays make sure your income taxes have been filed and paid and your driver’s license has not expired.  You will need to get your payoff or the lender information to the title company if you are the seller and have a mortgage on the property.  If a power of attorney is to be used for closing, get it executed before closing.

When you go to your closing you will want to bring your driver’s license, social security numbers if you don’t have them memorized, a check book (for an minor incidentals or to set up a wire transfer,) and all of the keys to the house.  Make sure you bring any other keys – mailbox keys, gate keys, etc.  Also bring your garage door openers and a gate opener if it’s a gated subdivision.  If you have a binder from your builder, it’s nice to leave that in the house for the buyers.  Extra paint and any booklets or owners guides for appliances are also nice things to leave in the house for the buyers.  If you are the buyer, bring your cashier’s check with you to the title company at closing or have the funds wired to the title company.

Your Realtor should let you know what to expect along the way.  If you are using a lender, they will tell you what amount of money to bring to the closing.  There will be many documents to sign at closing.  When you are finished, the title company will make copies for you to keep.  A smooth real estate closing is what every buyer and seller wants, but there are things that need to be done to make that happen.  If you have questions, ask your Realtor.