EASY STEPS FOR A STRESS

Sarasota Title Services, Inc.

Easy Steps for a Stress Free Closing

It's best when buyers and sellers are represented by an experienced Realtor, even if the Realtor is/are retained after contract signing. There is much less chance of misunderstandings and missed deadlines, which can be costly on both sides. Many real estate agents will work for a minimal consultanting fee if the transaction is already on paper. The return on your investment can be invaluable.

Hire a LOCAL mortgage broker or lending institution. I've got many true stories about internet and out of state competitors. Find someone who will be sitting at the closing table with you and be accountable for what was promised and what is delivered.

Your title agent and closer is your friend. Give freely the information asked for and share information with them that may be pertinent to the transaction.

Be familiar with the timelines of you contract.

Did you get a copy of relevant documents?
When is your mortgage commitment due?
When must the inspections be performed?
When must notices be given?

Does your new purchase require Association approval? If so, allow plenty of time for the process and be sure to have your approval in hand prior to closing. If there is a fee then make sure it accompanies the application and find out if a face-to-face interview is required.

When purchasing a new home (and in some cases a condominium, too) be sure to have your homeowners and flood (if applicable) insurance(s) in place at least one week before closing. If a tropical storm is brewing you may find yourself uninsured and unable to close.

If you must bring money to closing please don't wait until the last minute to make arrangements for a wire or guaranteed funds. It's best to take care of that task a day ot two before closing, unless you are obtainaing funds from a brokerage account or IRA. Then it's imperative that you make those arrangments 7 to 10 days prior to closing.

Try not to schedule your closing on the last day of the month. The last day of the month is the busiest day of the month for lenders, title agents, and Realtors. Despite everyone's best efforts, there are often snafus.

When possible, do your walk-thru the day before closing. That way if there is a problem or dispute there may be time to work it out or extend the contract.

It's also advisable to schedule your Friday closing for the morning. In the event you can't do a walk-thru the day before, an afternoon closing gives everyone time to work through any hiccups that may arise. It also gives the lenders time to get their money to the closing table so the transaction can fund. It's unfortunate but sometimes the Seller's proceeds are not avaible the day of closing. When that happens on a Friday this means they could incur additional interest charges if there is a mortgage on the property. Also, Seller's, be prepared to provide wiring instructions or a physical address for overnight delivery if you are leaving town right after closing.

Sarasota Title Services, Inc.
3380 Magic Oak Lane
Sarasota, FL 34232
(941) 954-8881
Fax (941)954-8882
Sarasotatitle@comcast.net

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