Tips For A More Effective Real Estate Closing
It is important to ask a number of essential questions before signing on the dotted line in any real estate closing. For example, it is always a good idea to ask the question “what am I buying?” before signing. Buyers should be sure that they have done their due diligence and properly inspected the property thoroughly. This is likely the biggest investment an individual will ever make and that is why it is so important to know exactly what you are buying before you sign.
Equally important is to know the type of loan that you are getting before signing. Prior to signing any closing documents it is recommended to know exactly what your interest rate will be and even if there are any prepayment penalties. Understanding when the first payment will be due and where it should be sent is also vital. Signing closing documents with an air of uncertainty is never a good idea. Homebuyers who are about to close on the home should know what to expect with regard to escrow fees, document prep fees, title insurance and other types of miscellaneous fees.
Picking Up Checks
Those signing closing documents should also understand how much money will be needed going forward. Even though a loan product is in place, there will likely be a certain amount of out-of-pocket expenses needed to close on the home. Knowing where that money will be sourced and how it will arrive in the escrow account so that you can close on time is important. All parties involved in the deal should be properly informed when it comes to picking up checks, wiring funds and any other special payment instructions.
Maintenance Related Work
Finally, those closing on a home should be prepared to have utilities turned on so that there will be no confusion on move-in day. Everything from utilities to maintenance related work and property taxes as well as homeowner’s insurance must be addressed prior to the closing date on your Anacortes real estate deal. It is also a good idea to make sure that the escrow officer has all of your details in order, such as contact information for the insurance company that you are using. As an added note, Oak Harbor homebuyers preparing to close should ascertain whether or not the previous owners have completed all repairs as agreed.
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