Closing

The Closing Process Requires Attention To Detail!

Once a sales contract has been agreed upon, many details must be accounted for. The most important detail is to protect against losing deposit monies. The way to protect the money properly is to adhere to all critical dates and deadlines. Whenever a deadline cannot be met, it’s critical to secure the properly written extensions or withdrawal forms. There are many parties connected to a closing, including, but not limited to, attorneys or title companies, insurance agents, mortgage lenders, and inspectors for smoke detector and septic system compliance where applicable. Proper communication with all parties is critical.

 

Stay Focused On What You Must Do!

The most important lesson is to assume 100% responsibility for the outcome of your closing, even when you’re being assisted by a team of competent professionals. Primarily, you must understand your personal closing responsibilities. For example, you should be arranging for a moving company and a cleaning company and any other contractors required to bring the property into your expectation of move-in condition. Don’t assume anybody, but you, has your best interests in mind and ask questions any time you’re not sure what you must do to close with care.

 

Consider Dates Seriously!

Understand that selling a property is a large financial transaction that typically follows a written contract, which contains legal obligations that must be met, or the parties might become subject to penalties under contract law. Given that, we always recommend the use of an attorney to ensure you are always in compliance and protected. In addition, the best way to protect yourself is to adhere to the dates and deadlines you, as the buyer, must meet.

 

Be Flexible And Anticipate Challenges!

A real estate transaction is one of the largest financial and emotional transactions that most people make in a lifetime. The transaction includes the orchestration of many parties and therefore requires a greater level of flexibility. While it’s important to stick to dates and deadlines to avoid financial loss, also expect and prepare for timeline adjustments to ensure a less stressful experience.

 

Conclusion

Well congratulations! If you’ve completed all the modules, then you’re well on your way to purchasing a great property successfully!

 

You should recognize that purchasing a property is a complicated transaction, so we understand that, for most buyers, this course is simply an orientation, rather than the full education we offer as professional real estate agents.

 

We also realize preparing for the entire process of purchasing a property can be overwhelming, so please contact us to arrange for a personal consultation on how to be more prepared for the purchase of a property.

We wish you a successful purchase and thank you for taking your valuable time to complete our course!

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