3 Tips for a Successful Residential Real Estate Closing Process

Whether you’re buying or selling a home, closing day is the most important day in the process. It’s the day you’ll take or relinquish ownership of the property. To ensure a successful closing day, you’ll want to handle the closing processwith care.

You can expect your real estate closing to take approximately two hours. You can also expect multiple parties to be involved, including a closing agent, your lender and your realtor (if applicable). To ensure a smooth closing process, here are some tips.

1. Do Your Due Diligence

If you’re a buyer, make sure you understand what you’re purchasing. Conduct a final walkthrough of your property to confirm there are no repairs still required or additional property issues. Look over your purchase agreement to ensure everything is as promised.

If you’re a seller, complete all necessary repairs as far in advance of closing as possible and make sure you’ve prepared the home well for its new owners.

2. Prepare Documentation & Payment in Advance

You’ll need some documentation on the day of your closing, including a photo ID and any outstanding forms for the title company or loan officer. You’ll also need the payment for your closing costs depending on your financial responsibility. 

In most cases, you can use a cashier’s check made payable to the closing company. Prepare your closing documents and payment in advance to ensure a faster closing process.

3. Consider Hiring a Real Estate Attorney

Although Texas doesn’t require you to have a real estate attorney when buying or selling property, real estate transactions are often complex. And sometimes disputes can arise during the closing process. An attorney can act on your behalf in the event of these disputes. 

For example, there might be something in the purchase agreement that wasn’t there before. You’ll want an attorney by your side to ensure your rights are protected as a buyer or seller.

Buying or Selling a Home? Reach Out to Lonergan Law Today.

Are you ready to buy or sell a home? Or are you worried about the closing process? The team at The Lonergan Law Firm, P.L.L.C. can help. To learn more about the closing process or to schedule a consult, give us a call at 214-760-6768 or send us a message.

Residential Closing Process: What to Expect as a Buyer

Whether you are purchasing your first home or investing in residential real estate, the closing process is an exciting time. This process involves a buyer and seller signing the necessary paperwork to make the sale official. To ensure the closing process moves as smoothly as possible, it’s best to be prepared.

What to Do Before the Closing

Before the closing occurs, there are a few steps to take as a buyer: 

• Conduct a walkthrough: You should do a walkthrough of the property to ensure repairs have been made or that the property is ready for new ownership. If any difficulties arise, the closing date can be delayed. Make sure all parties are aware of the situation and can decide on the next best day for closing to take place. 
• Have your payment prepared: Make sure you have an acceptable form of payment prepared such as a cashier’s check. Payment and fees will be paid for the property during closing. 
• Bring proper identification to your closing appointment: Be prepared to bring your identification such as a driver’s license or passport for filing purposes.

What to Expect During Closing

During the closing meeting, you’ll be signing legal documents related to the property. These will differ between buyer and seller. As a buyer, you will sign an agreement between you and the lender (if you are seeking a mortgage). There could be a few parties at the meeting depending on your needs, including a closing agent, the lender and your realtor. We also recommend you have an attorney present to represent you and your interests.

Your closing agent will ensure all necessary paperwork is signed and recorded and all payments will be paid and distributed to the right parties. Once all documents are reviewed and signed, the closing process is complete.

Don’t Go Through the Residential Closing Process Alone

It’s in your best interest to hire an attorney to represent you during the closing process. Your attorney will ensure all paperwork is complete and that any situations that arise before or during the closing are taken care of. To learn more about the residential closing process in Dallas, Texas, reach out to us at the Lonergan Law Firm P.L.L.C.