Timely Closing

Tips to Ensure Your Clients Have a Timely Closing

August 14, 2019

At Ohio Real Title we understand that the better informed you are as a real estate agent, the better able you are to guide your clients to a timely and stress-free closing. Knowing what may be required at closing and preparing accordingly will help the settlement process go as smoothly as possible.

Home Closing

Lender Requirements – The lender may require additional documentation or inspections (roof, septic, water, etc.) in order to comply with loan underwriting requirements. To expedite the processing of the loan, submit all lender-requested documentation from your client in a timely manner. 

Addendums – Provide closing agent with copies of any revisions or addendums as soon as possible. 

Legibility – The contract and any handwritten documents should be easy to read. If they are not, provide supporting documents to ensure accuracy of the transaction details. 

Updated Contact Information – Be sure to have the current and preferred method of contact for all parties to the transaction, including the real estate agents, buyers, sellers, attorney, surveyor, inspector, and Homeowner or Condominium Association. The sellers also should provide a forwarding address and new contact information in case contact is necessary after closing. 

Transaction Fees and Commissions – Provide amounts to be listed on the closing documents and the parties paying and receiving these fees. 

Bills Paid – If debts pertinent to the closing transaction are to be paid at closing, copies must be provided to the closing agent at least one week prior to the closing. 

Buyer Protection Plan – If a home warranty product is being provided and shown on contract, the purchase amount to be collected must be given to the closing agent. 

Deposit or Escrow Checks – If any transaction deposits have been placed in a real estate company’s escrow account, provide the closing agent with copies. 

Marital Status – Providing current marital status of all parties helps to ensure the accuracy of the deed and determine whether additional parties need to sign closing documents. 

Power of Attorney (POA) – The use of a POA must be approved in advance of settlement by the closing agent or lender. 

IRS – All real estate transactions must be reported to the IRS, thus your client will need to provide their social security number at closing. 

Mail Away – If any parties to the transaction are unable to attend the closing, they will need to provide a physical address where the closing documents should be delivered, as well as a phone number. Some documents may require the services of a notary. 

In a highly competitive industry with all the pitfalls that can occur with financing, Ohio Real Title clearly stands out. We love what we do, we’re really good at it, and we think it’s important—because everyone deserves an easy, successful transaction during a stressful time. This is who we are. Contact us today.