Closing day refers to the date mutually agreed to by the seller and buyer for the transfer of funds, title and keys (usually). This can be a stressful time for both parties considering that this may be the largest sale or purchase of a lifetime. A few essential preparations can make the transaction flow smoothly.
Be an informed buyer
The buyer must review the closing statement carefully and double-check the calculations. Review the lender, title and escrow fees to ensure that what was discussed is accurately reflected in the documentation.
You should also review the exact legal description of the property and any liens, encumbrances or other items which may have been discovered with respect to the property. Also ensure that the title or escrow agent has the correct title on the deed. Correcting a vesting on a deed later can be time consuming.
Buyers should also arrange to re-inspect the property just prior to closing. This can avoid any nasty surprises on moving day. On or after closing day, buyers have less leverage to demand that repairs or other promised changes actually be completed. If the seller promised to paint a fence or empty the pool you have a right to insist that these be done.
Before signing your name to any closing document be sure that the interest rates, miscellaneous fees and the condition of the property are all what you agreed to. Honest mistakes have been known to happen but these mistakes can be costly. Closing day need not be worrisome if both parties plan ahead and review all paperwork carefully. In fact, with enough preparation, closing day should be the beginning of a new chapter for both buyer and seller in their new homes! Buyer's closing day preparations.