Hallelujah! You’ve worked through negotiations with your buyer. Alli’s have been dotted and all t’shave been crossed on your legally binding contract. Now it’s time to get ready to close this puppy. This part, you absolutely cannot do alone.
You’ll need to hire an escrow holder to function as your closing agent. Depending on your needs, and those of your buyer, you will likely close in 30, 45 or 60 days. But, your work isn’t finished yet, my friend. As a matter of fact, you’re just now getting started.
Keep these three things in the forefront of your mind, and your closing should go smoothly.
1. Your buyer must get their loan approval.
2. You must meet all of the expectations of the buyer’s lender. This could include an appraisal, title insurance, physical inspection and title inspection. Remember, this changes from location to location, and by lender.
3. Next comes the inspections. Hopefully, you’ve already done a pre-inspection and the ones required by the bank will run smoothly.
The closing agent you selected is responsible for keeping up with all of the details that are swirling around you at this point, and they are responsible for keeping everything on schedule. Of course I also help with this.
Most of the requirements will be based on the negotiations that you and the buyer worked through. Let me just say that simply because your closing agent is responsible doesn’t mean you should trust blindly. Keep on top of things to avoid possible catastrophe.
Below are just some of the things that might be required, although you may not have to do all of these. Also, you may have to perform tasks that are not on the list.
* General Inspection
* Repairs required as a result of either the appraisal or inspection
* Buyer’s loan approval
* Separate inspections (mold, roof, water/sewer, etc.)
* Inspection for termites
* The prorating of taxes, interest and rent, among other things
* Title search and insurance
* Homeowners insurance
* Repair’s approval
* Fees/closing costs negotiations
* Funds certification
* Buyers final walk-through
Using an Escrow Holder. Contracts in California real estate typically require an escrow holder. The escrow holder is a third-party, and is impartial to the outcome of the transaction being made. Both buyers and sellers are protected with this kind of arrangement.
Legal protection is allowed everyone involved in the transaction during the closing process. Usually, the escrow holder handles each of the necessary steps throughout the closing. Keep in mind that there are alternatives to an escrow holder depending on the location in which you live.
Using a Title Company. Title companies can provide title insurance, and also often have access to your escrow and closing needs.
You need to have a clear understanding of what your city and county specifically require of you before hiring any providers to aid in the closing of your property.
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