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8 . Has the buyer ’ s loan been approved ? If not , find out what the problem is and how to fix — it if it can be fixed . If the loan has been approved , find out what the proposed closing date is going to be . Has your buyer ordered insurance yet ? You need to check this out , and it needs to be done as soon as possible . This is another area where you could have a glitch . Sometimes the age of the property or the location of the property becomes an issue . For example , here in Florida where I live , if there is a hurricane brewing , we end up in a “ box ”, which is a period of time where you can ’ t buy insurance until a hurricane passes . This can hold up a closing for several days , unless the insurance is already in place . A buyer must purchase a homeowner ' s policy for one year and it must prepaid at closing .
year , say in June , and property taxes are due in October , you have to reimburse the buyer for the property taxes until the closing date in June . 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 figures 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 $ 500 dollars . So , this is another figure we check . Any amount over $ 500 dollars is credited back to our side on the closing statement .
11 . Call your buyer and make sure they have received a cashier ' s check for any monies they have to bring to closing . Verify they know where it is and what time the closing is . 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 and garage door openers . Take several deep breaths and try to relax . Once you get through the closing , take another deep breath . Then call your spouse and go out to dinner to celebrate !
9 . If you are selling a condo or a home with a homeowner ' s association ( HOA ), make sure the lender and the buyers have a copy of the HOA rules and documents . Ensure that the buyers have set up their appointment for their meeting with the condo association or homeowner ' s association . If they are not approved by the condo association or homeowner ' s association , the rest of the closing is a moot point . You need to make sure your buyer ’ s get through this process successfully .
10 . So now we have a set closing date . Make sure you contact the closing agent to make sure you get a copy of the HUD or closing statement before the closing takes place and before you arrive at a closing . Recently , we had a closing that didn ’ t take place because once we received the HUD , all the figures including the asking price and sellerassisted closing costs , had been changed . 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 prorated amounts you are being charged for ( property taxes or association fees ). When you close on a property during the
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