12 STEPS TO THE CLOSING TABLE AND THE BIG CHECK KATHY KENNEBROOK
The closing price listed on the HUD was several thousand lower than the contract had called for . I have never seen anything like it and the deal never closed . Check the numbers ! If there is a Realtor fee involved make sure the percentages are correct . Check the pro rated amounts you are being charged for property taxes or association fees . When you close on a property during the year , say in June and property taxes are due in October ; you have to reimburse the buyer for the property taxes from January until the closing date in June since they didn ’ t own the property during that time period . The same would go for any association fees there might be . You will have to reimburse the buyer for the period during the month that they did not own the property . Double check to make sure these figure are correct . In my contract , if we are assisting the buyer in any way with closing costs , the buyer can ’ t walk away from closing with more than five hundred dollars . So this is another figure we check . Any amount over the five hundred dollars is credited back to our side on the closing statement .
11 . Call your buyer and make sure they have gotten a cashiers check for any monies they have to bring to closing and make sure they know where it is and what time the closing takes place . Make sure they bring a photo ID with them . The lender will require this . Believe me when I tell you that these are all lessons learned from experience .
12 . Now , Show up at the closing and don ’ t forget to bring the keys or garage door openers . Take several deep breaths and try to relax . Once you get through the closing take another deep breath , call your spouse and go out to dinner to celebrate .
Here is another point for you to consider . In my business , it is rare that I go to closings anymore since the whole closing process is outsourced . The funds from the closing are directly wired to an account for us so we get paid right away .
If I do go to a closing , I don ’ t go at the same time as the buyers . I usually go right after they are done with all their paperwork . The paperwork on a closing for a buyer is fairly time consuming and needs to be explained to the buyer by the title agent . I don ’ t like sitting at closings for an hour or more until I need to sign my documents . If you have done your due diligence and followed all the steps in the closing process , there isn ’ t really anything that can go wrong at the last minute , so breath easy but expect the worst .