How do you close a real estate deal?

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Closing a real estate deal is the final and most rewarding step of the home buying or selling process. It involves signing the contract, transferring the funds, and handing over the keys. But it also requires careful preparation, coordination, and communication among all the parties involved. Here are some tips on how to close a real estate deal smoothly and successfully.

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Hire a skilled attorney:

In some states, like NY, lawyers are central to the closing process. They provide legal advice, draft contracts and handle all aspects of the closing. It's essential to choose an experienced attorney focused on real estate closings.
Assemble a great team:

A reliable realtor can make or break your home buying experience. They should align with your personality and genuinely care about your needs. The right realtor will also connect you with other top-notch professionals to support your purchase.

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1 Prepare the paperwork

The first step to close a real estate deal is to make sure that all the required documents are ready and accurate. These may include the purchase agreement, the title report, the inspection report, the appraisal report, the loan documents, the insurance policy, and the closing disclosure. You should review these documents carefully and resolve any issues or discrepancies before the closing date. You should also consult with your real estate agent, your lender, and your attorney if you have any questions or concerns.

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Jennifer Davis-Anderson

Driven professional dedicated to improving people and processes alike | Recognized for solving issues, promoting communication, and reducing inefficiencies | Currently with Truly Title, Inc.
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As a buyer, you have decent access to real property records depending on your state. Ask for title documents and do a preliminary search yourself to confirm any defects. Nothing worse than having to use your neighbors water hose to shower because your title company missed a utility lien on the house you just bought.

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2 Schedule the closing date

The next step is to schedule the closing date and time with the seller, the buyer, and the closing agent. The closing agent is usually a title company or an attorney who handles the transfer of the property and the funds. The closing date is typically 30 to 45 days after the contract is signed, but it may vary depending on the terms of the agreement and the availability of the parties. You should confirm the closing date and time with everyone involved and make sure that you have all the necessary documents and funds ready.

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Paul Nagel

Vice President / Home Loan Consultant at Main Street Home Loans (NMLS#659474) | LinkedIn Top Voice
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The best advice is to have access to the best advice. Interview recommended realtors for skill, if they care more about you than themselves, and if your personality styles / chemistry meshes. Select a great realtor to put on your team. The realtor will have recommendations for many other great service providers (title company, inspector, movers, lenders, contractors, etc) and get them on your team, as well. This is one of the biggest purchases in your lifetime. Having the right team in place, to find the right home for you, in the right location at the right price, makes all the difference in the world

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3 Conduct a final walkthrough

The final walkthrough is an opportunity for the buyer to inspect the property one last time before the closing. It is usually done a day or two before the closing date, or on the same day if possible. The purpose of the final walkthrough is to verify that the property is in the same condition as when the contract was signed, that all the agreed-upon repairs have been completed, and that no items have been left behind by the seller. If you find any problems or damages during the final walkthrough, you should notify your real estate agent and the closing agent immediately and try to resolve them before the closing.

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4 Sign the documents

The most important step of closing a real estate deal is signing the documents. This is when the ownership of the property is officially transferred from the seller to the buyer. The closing agent will guide you through the process and explain each document that you need to sign. You should read every document carefully and ask questions if you don't understand something. You should also bring a valid photo ID, a cashier's check or a wire transfer for the closing costs and the down payment, and a proof of insurance for the property.

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5 Receive the keys

The final step of closing a real estate deal is receiving the keys to your new home or handing them over to the new owner. This is when you can celebrate your accomplishment and enjoy your new property. You should also make sure that you receive a copy of all the signed documents, a receipt of the funds, and a deed of trust or a mortgage note that shows that you are the new owner of the property. You should also update your address with the post office, your bank, your utility providers, and other relevant parties.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Lance Margolin

Partner Emeritus at Margolin,Weinreb & Nierer LLP
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Great advise. But this is locale specific. Here in NY brokers play a different and limited role in the closing process. This is a lawyer state. Here lawyers are the ones who can give legal advise. We draft and negotiate all contracts and agreements. We handle the entire closing process. The brokers assist as needed. But most of their work involves the sale of the house and helping to keep the parties moving forward. Their job is not less important. It’s just different. If you are buying a house in a state that uses attorneys for closings make sure to hire a competent and skilled and experienced attorney whose practice focuses on closings.

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How do you close a real estate deal?

1

2

3

4

5

6

1 Prepare the paperwork

2 Schedule the closing date

3 Conduct a final walkthrough

4 Sign the documents

5 Receive the keys

6 Here’s what else to consider

Real Estate

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How do you close a real estate deal?

1

2

3

4

5

6

1 Prepare the paperwork

2 Schedule the closing date

3 Conduct a final walkthrough

4 Sign the documents

5 Receive the keys

6 Here’s what else to consider

Real Estate

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