Closing Preparations and Duties
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Closing Preparations and Duties
154 Contract Is Signed By All Parties
155 Coordinate closing process with buyer's agent and lender
156 Update closing forms & files
157 Ensure all parties have all forms and information needed to close the sale
158 Select location where closing will be held
159 Confirm closing date and time and notify all parties
160 Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining Death Certificates
161 Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to closing
162 Request final closing figures from closing agent (attorney or title company)
163 Receive & carefully review closing figures to ensure accuracy of preparation
164 Forward verified closing figures to buyer's agent
165 Request copy of closing documents from closing agent
166 Confirm buyer and buyer's agent have received title insurance commitment
167 Provide "Home Owners Warranty" for availability at closing
168 Reviews all closing documents carefully for errors
169 Forward closing documents to absentee seller as requested
170 Review documents with closing agent (attorney)
171 Provide earnest money deposit check from escrow account to closing agent
172 Research all tax, HOA, utility and other applicable prorations
173 Coordinate this closing with seller's next purchase and resolve any timing problems
174 Have a "no surprises" closing so that seller receives a net proceeds check at closing
175 Refer sellers to one of the best agents at their destination, if applicable
176 Change MLS status to Sold. Enter sale date, price, selling broker and agent's ID numbers, etc.
177 Close out listing in WiseAgent.
The closing
As a real estate agent, you have the responsibilitity to fulfill when the time draws near for signing on the dotted line at the closing meeting with the lender and escrow officer.
The closing process can be very complex, with the possibility of mistakes or errors being made by either the lender or escrow officer. A skilled real estate agent helps to prevent these potential mistakes and create a successful end to the real estate transaction.
Final Walk-Through
Before making the big commitment and proceeding to the closing table, it's a good idea to accompany your agent on a final walk-through of the home the day before closing to ensure that no damage has occurred since the initial contract was signed. Additionally, items found during the inspection can be reviewed at this time to ensure that each defect has been remedied. A walk-through right before signing helps to eliminate any after-closing surprises.
Correct Errors
The HUD-1 Settlement Sheet is an essential closing document prepared by the escrow agent that lists all the expenses or credits for both the buyer and the seller. Items such as pre-paid interest, pro-rated taxes and insurance payments or down payment amounts are itemized in columns for clarity. Mistakes could have been made by the lender or the escrow agent, and these mistakes can often be noticed and corrected by a detail-oriented and alert real estate agent.
Satisfaction of Terms
Another duty or responsibility of a real estate agent during closing is to make sure that all terms and conditions of the contract have been satisfied before the deed transfers ownership. Contractual agreements, such as the purchase of a home warranty by one of the parties or an assumed lease of a water softener, could be last-minute details that need attention. The agent can also assist in making sure that all contract paperwork is supplied to escrow to complete the transaction.
Watch the Tutorial Video
The New Closing Rules - Viewing Time is 60 minutes.
The New Closing Disclosure 2015 Form - Viewing Time is 7 minutes.
The Closing Process - View Time is 55 minutes.
Prepare for the Unexpected at Closing - Viewing Time is 2 minutes.
The Importance of a Final Walk Walk Through - Viewing Time is 2 minutes.
