New This Month
Print Article Archives
Reprints / Subscriptions
Editorial Calendar
Media Kit
Popular Features
Architecture Guide
Cost vs. Value Report
Good Neighbor Awards
Handouts for Customers
Top 100 Companies
Take a Quiz
30 under 30
Young Professionals
REALTOR® Emeritus
Architecture Guide
Cost vs. Value Report
Good Neighbor Awards
Handouts for Customers
Top 100 Companies
Take a Quiz
30 under 30
Young Professionals
REALTOR® Emeritus |  | GOING FOR THE CLOSE | | ||
| | | | | |
|  Keep the Transaction on Track Advanced Tip Advanced Tip Advanced Tip Broker Tip Getting to Close Advanced Tip Mortgage Basics Advanced Tip Advanced Tip Advanced Tip Inspections and Repairs Broker tip Closing Countdown Advanced Tip Going for the Close Advanced Tip Advanced Tip Advanced Tip Commission Disbursements Broker Tips Broker Tip Post-Closing Strategies Quiz: Contract to Close Bright Ideas: Contract to Close Code of Ethics: Contract to Close More Resources: Contract to Close | Finally, the culmination of your hard work and selling skill pays off in the closing. If you’ve done your job, everything should go smoothly—you hope. 7 Ways To Spoil a Closing 1. A title insurance policy was never issued when the current seller bought the property. This usually occurs if the title company discovers a title problem after closing. 2. The buyers have a judgment pending against them. This doesn’t directly keep the transaction from closing but may cause the lender to pull out. 3. The attorney acting for the sellers doesn’t have power of attorney and the sellers, who aren’t present, forgot to sign a necessary document. 4. The buyers haven’t purchased adequate homeowners’ insurance. 5. The lender buying the loan from the issuer requires inspections that have not been completed. 6. The condo association didn’t approve the sale. 7. The sales contract or the loan doesn’t reflect the correct marital status of the parties. Adapted from “10 Tips for a Smooth Closing," Peter Lopez, Real Estate Business, Council of Real Estate Brokerage Managers and Council of Residential Specialists, Fall 1996 Who Needs to Be at the Closing? Those around the closing table typically include: · The sellers · The buyers · Attorneys for the buyers and sellers · A title company representative · The sellers’ and buyers’ real estate practitioners · A closing representative from the lender or title company TIP: Encourage the parties to select attorneys who specialize in real estate closings. Attorneys with extensive real estate practices are usually authorized by local title companies to handle settlement funds, which can make the closing go more smoothly. For the Advanced Salesperson Help the buyers save money by becoming aware of the range of fees for services such as loan applications, appraisals, credit reports, notary services, document preparation, and underwriting. Advise buyers if any fees seem way out of line with the norms. Estimating Buyers' Closing Costs > | |