Closings on real estate transactions can be lots of things…anxiety producing, exhilarating, relieving, whatever and however buyers and sellers feel about closing and finalizing a sale/purchase of a house. Make sure that the closings you orchestrate for your clients are, in fact, final by making sure your buyers and sellers are ready and prepared to actually finalize the deal.
Here are checklists for your Buyers and Sellers. Make sure you give them their respective checklist and that they walk into the closing room with everything on that list:
Buyer
1. A photo ID – passport, driver’s license
2. Money for to cover the closing costs – cashier’s check and/or wire transfer information for the exact amount.
3. Proof of insurance – homeowner’s insurance binder that indicates the first year insurance premium is paid
4. Good faith estimate – a list of estimated closing costs provided by the lender to compare with the actual closing costs
5. Closing document – deed and mortgage documents, closing disclosure, promissory note
6. Name of attorney
7. Social Security number
Seller
- Photo ID – passport or driver’s license
- Keys to the home – all of them
- Access codes for all alarms
- Smoke and carbon monoxide detector certificates from local Fire Department
- Signed deed – from you to the buyer with legal documentation
- Final utility statements and water readings
- Real estate tax documents – copy of final paid tax bill
- Home Owner Association information and contact information
- Name of attorney
- Social Security number
If the transaction is a 1031 Exchange, make sure that all relevant escrow company details are available.
Make sure that names and contact information is available for all brokers, closing officer, lenders, title insurance officer, appraisers and inspectors.
