Image from Canva Pro
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
Image from Canva Pro
Then when you get through the closing, cash your check or make sure your wire has arrived and go to dinner to celebrate! 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 breathe easy but expect the worst.
Then, when you get through the closing, cash your check or make sure your wire has arrived and go to dinner to celebrate!! For more information on Real Estate Investing tools and Marketing to Find Motivated Sellers, Buyers and Lenders visit Kathy Kennebrook’ s website at www. marketingmagiclady. com. While you are there sign up for the free Monthly Newsletter and receive $ 149.00 in real estate investing tools absolutely FREE!
KATHY KENNEBROOK
Kathy holds a degree in accounting and has coauthored the books The Venus Approach to Real Estate Investing, Walking With the Wise Real Estate Investor, and Walking With the Wise Entrepreneur which also includes real estate experts Donald Trump, Suze Orman, Robert Kiyosaki, and Dr. Wayne Dyer. She is the nation’ s leading expert at finding highly qualified, motivated sellers, buyers and lenders using many types of direct mail marketing. She is known throughout the United States and Canada as the Marketing Magic Lady. She has put together a simple stepbystep system that anyone can follow to duplicate her success. Kathy has been speaking throughout the country and across Canada for a long time and has shared the stage with Ron LeGrand, Donald Trump, Dr. Phil., Dan Kennedy, Mark Victor Hansen, Ted Thomas and Suze Orman to name a few.
59