01/31
Real Estate Tip of the Week: Guideline to Closing Day
As a real estate agent, your clients look up to you for guidance and advice throughout their home shopping experience – and when it comes to closing day, they look to you for how to prepare.
While these instructions might vary from state to state, these are the general items and procedures you’ll want to discuss with your client.
Scheduling
Talk with your client about the closing / signing date that has been booked. Are they able to make it, or will they be out of town? Coordinate this with the title and escrow company of their choosing.
The appointment for buyers usually take about 45-60 minutes – it might be important to address your client on the length of the appointment, although this may vary from party to party.
Closing Disclosure Form
Three days before signing, lenders are required to complete and deliver the Closing Disclosure to the consumer – this way, your client (and you) can go over the fine details and feel fully confident before sitting down at the signing table. The lender will usually advise the title company as to what day the consumer can sign the loan package.
What to Bring
Have your client bring their identification paperwork:
- Current driver’s license or other government form of picture ID
- Social Security Number
Funds
Any funds that are required for closing should be wired from their bank. Their fire and hazard insurance should also be in place for their new home.
At the Table
As an agent, your role at the table is merely to answer any questions or concerns your client may have – but hopefully these concerns have been answered prior. The settlement agent will be walking everyone through the closing documents.
Disbursement is the final step – where all the funds displayed in the Closing Disclosure are disbursed to the buyer, seller, and brokers on both sides of the transaction.
If this is your first time prepping your client for closing day – congratulations! Through experience and time, the entire home-purchasing journey will come naturally!
For more real estate tips and guides, stop by AmeriTitle’s Blog.