8 Point Checklist to Closing on a Property in [Profile.market2]. How to make the process go smoothly, by , [Profile.market2] Real Estate Expert

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January 23, 2010, by Dan Craddock in Tips for Home Buyers

The closing process is the last step to purchasing or selling a home. The process can often be intimidating because of how much legal paperwork there is involved. In this article Iíll walk you through the process so that the closing process will go much smoother for you.

1)    Homeowner's Insurance

Insurance is always necessary to get the mortgage. Remember to purchase a one year paid-up homeowner's insurance policy and bring proof to closing.

2)    Gather All Your Paperwork

Make sure you have all your paperwork in place the day before closing. Review all your paperwork to make sure that everything is in order.

3)    Have Your Inspections Completed

Have the property inspections completed within the contractual timeframe so that if any structural issues are uncovered you can backout of the contract without losing your escrow deposit. Depending on the type of contract you have, any repairs that are necessary should be in writing.

4)    Get Title Insurance

It's important to get title insurance for your home purchase. Title insurance insures that the title on your property is clean.

5)    Get Approval of Mortgage

At this point, your mortgage should be approved so that you can get your loan to pay for your new property.

6)    Bring Your Cashierís Check

The amount necessary for closing the on the property should always be on a cashier's check.

7)    Clear All Contingencies

At this point, all contingencies and clauses should be cleared so that you can go ahead with the transfer of the deed.

8)    Understand Your Closing Costs

Before closing, itís important to have a good idea of what your closing costs are. It's also important to know who will pay the closing costs. Unless otherwise stated, usually the buyer pays for the buyers closing costs and the seller pays for the sellers closing costs.

Following these tips should make the whole closing process go much smoother for you. Remember to talk to your real estate agent and your loan officer about the closing process, as they have both been through the process many times.

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