How to Manage a Real Estate Closing Effectively?

real estate closing

Often one of the most daunting steps of the home buying or selling process is the closing. For every smooth real estate transaction quick signatures and the exchange of keys might happen in the most ideal scenario. There are some expert tips discussed below to help you remember some important aspects to always ensure a smooth transaction.

Information: It is very crucial to always educate your clients both the buyer and the seller about all expectations prior to the closing. Generally first time home buyers may have tons of questions and as a professional every real estate professional should educate them on all the expectations as this will help build rapport and eventually a smooth transaction. One another important aspect worth paying attention is reviewing mortgage documents.

Paperwork: May seem too much but it is unavoidable. Prior to a closing it is important to stay in touch with your mortgage broker and get all the documents reviewed. So if there are any additional documents required then this is the best time to organize. Some of the documents may include proof of homeowners insurance, valid ID.  

Finance: It is important to let your buyers know how much money is required. Payment is generally made in the form of a certified check. However a wire transfer is also accepted. It is advised to consult the mortgage broker if any concerns or confusion arises.

Fees: Once all the documentation is done it is important to educate to your clients any additional fees they may have to pay. Generally there is a lawyer’s fee and the realtor’s commission which is agreed upon in the contract.

Final Viewing: A buyer is always advised to have a final look at the house they will soon own. Make sure everything looks good all agreed upon repairs and conditions have been met. Also all items included with the house as per the contract are in working condition.

Gurcharan Bhaura specializes in the GTA offering exceptional real estate services to provide you with exceptional service at all times.  He is a reliable resource if you are looking for real estate questions. He offers indepth local expertise and extensive real estate training and experience. 

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