Closing on a home can be an exciting time for everyone. It can also be stressful as well. Whether you are representing the buyer or the seller, there is a lot that goes into the closing process in order to make sure it goes smoothly for everyone.
As a real estate agent, you play a pivotal role in guiding your clients through the closing process. That’s why, at Galaxy Title and Escrow, we have created this real estate agent checklist for closing to help make sure that nothing gets overlooked during the closing process.
What Is a Closing Checklist for Real Estate Agents?
A closing checklist can be a great way to make sure that nothing gets overlooked or forgotten during the final stages of the real estate transaction.
Below you will find a helpful checklist for closing, whether you are representing the buyer, the seller, or both:
Confirm that all terms and conditions outlined in the purchase agreement are accurately reflected in the closing documents and verify that any contingencies have been satisfied or waived.
Communicate with the buyer’s mortgage lender to ensure all necessary documentation has been submitted and loan approval is on track. Also, confirm that the loan commitment letter is obtained in advance of the closing date.
Make sure to run a thorough title search to identify any potential issues or liens on the property as well as facilitate the purchase of title insurance to protect all parties.
If there were any contingencies or negotiations based on the results of the home inspection, make sure they have been handled and/or completed prior to the closing date.
Schedule and accompany the buyer on the final walk-through to ensure the property is in the agreed-upon condition.
Work closely with the escrow officer to ensure all necessary closing documents are prepared accurately, as well as double-check the HUD statement for accuracy.
Confirm the date, time, and location of the closing with all parties involved and make sure everyone is available.
Coordinate with the buyer to ensure all necessary funds are available for closing.
Represent the buyer’s interests at the closing table.
Make sure the keys and any other devices are transferred from the buyer to the seller.
Confirm that the sale has been recorded with the appropriate county office.
What Should Your Client Do During Closing?
While it’s no secret that you, as a real estate agent have a lot of responsibilities during the closing process, it’s also important to make sure your clients are taking care of things on their end as well.
Below is a helpful list for your client of things they should be doing on their end during the closing process:
Closing Checklist for Your Client
It’s important for your client to carefully examine all paperwork, including the Closing Disclosure. This is the time for them to seek clarification should there be anything unfamiliar to them.
Your client should attend the final walkthrough with you in order to make sure the property is in the agreed-upon condition as stated in the contract.
Your client will need to obtain homeowner’s insurance and provide proof of coverage BEFORE the closing date. They will also want to make sure that coverage starts the day of closing.
Your client will need to have a government-issued photo ID and any other documentation required by the closing agent at the closing.
Encourage your client to ask questions should they have any during the closing process.
Make sure your client reads all documents presented at closing thoroughly and takes the time to understand all terms and conditions.
You will want to confirm with them that they have an acceptable form of payment for closing costs as well as ensure the availability of funds and have them ready for payment.
Encourage your client to stay in communication with you through the closing date. It’s also important to remember to notify them immediately should any issues arise.
After the closing make sure that everyone has safely stored all important documents related to the sale, including the closing documents and the deed.
How Galaxy Title & Escrow Can Help You and Your Client with Your Real Estate Agent Checklist for Closing
Closing on a home can be an exciting time for all parties. However, it can also be stressful if things don’t go smoothly. While there’s no guarantee that issues won’t arise during the closing process, as a real estate agent, there are things you can do in order to be prepared in the event something goes wrong.
While having checklists is a great way to make sure nothing gets forgotten, enlisting the services of a title and escrow company you can trust can also help ensure a smooth closing process.
At Galaxy Title & Escrow, we understand the complexities of the real estate closing process and we are committed to providing exceptional support to both real estate agents and their clients. Our team of experienced professionals can assist in various aspects of the closing process, ensuring a seamless and efficient transaction, such as:
Closing Documentation Preparation
Coordination and Communication
Post Closing Support
To get in touch with one of our experienced escrow officers, or to learn more about the services we offer and how we can help ensure a smooth closing experience, contact us today.
Mitchell has been a licensed attorney since 2014 and has practiced in both the transactional and litigation fields of law. His experience allows him to approach every transaction with a depth of knowledge and practical experience most attorneys do not possess. Mitchell prides himself on providing top notch service to his clients.