Tips to Ensure a Smooth Closing

    tips to ensure a smooth closing (3)

    The Importance of a Final Walk-Through

    The final walk-through prior to closing on a home purchase is just as important as the home inspection.  While the inspection is typically completed during the due diligence period shortly after a purchase contract is binding between buyer and seller, the final walk-through is typically done the day before closing. This final preview of the home gives buyers the opportunity to ensure all required repairs have been completed, all personal property has been removed, and the home has been left clean and free of debris.  Should a buyer find that specified repairs are not completed, personal items remain or a mound of garbage has been left behind, they should alert their Buyer Specialist immediately as these situations need to be addressed prior to closing.

    Understanding Potential Closing Challenges

    If during the final walk-through repairs are found to be incomplete or any new damage is discovered, buyers can request sellers provide compensation for the repairs or damage. A reasonable request is encouraged to eliminate tension as often these issues are an oversight or accidental, and not intentionally omitted.

    One of the most common closing challenges is ensuring funds have made their way from the lender to the title company’s account. Most lenders wire the funds electronically, but it is not uncommon to be sitting at the closing table awaiting funds to arrive. Upon arrival at the closing attorney’s office, it never hurts to ask if funds have been received to encourage follow up on the front end of closing. (Another reason for working with a reputable and service-oriented lender!)

    Also, be sure that you have the proper funds wired or a certified check to the closing attorney’s office when you arrive at the closing table.

    Buyer Checklist for Closing Day

    These actions will help ensure a smooth and efficient closing:
    • Contact insurance company to ensure homeowner’s policy will be effective the day of closing and have a copy of the policy
    • Confirm loan is ready to fund
    • Confirm funds are wired or have cashier’s check – Many closing attorneys require funds to be wired if the buyer’s cash to bring to closing is greater than $5000. It is always good to follow up with the specific attorney’s protocol for handling of funds.
    • Confirm utilities are scheduled to transfer
    • Bring driver’s license/ID – The closing attorney will ask for the drivers license or photo ID of all buyers and sellers associated with the transaction, as proof of identity.

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    The Cloud Team

    The Cloud Team NMLS# 545242

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    BankSouth Mortgage
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