In most cases, the process of buying a condominium property is a time-consuming and nerve-wracking ordeal. The last step in the home-buying process is signing the paperwork officially transferring ownership to you, but there is plenty to do before closing day comes.
If you’ve already gone through the hassle of finding a condo unit property, getting finance approved, and having a home inspection, the closing process may seem like a breeze in comparison. Yet there are many more considerations in the actual world.
The purchaser will talk to the closing agent or the developer on the day of the closing. The closing day may be stressful for first-time buyers, but if you follow the checklist provided, you can reduce some of that stress.
9 Things to Ask Your Agent Before Closing the Deal in a Real Estate Transaction
When planning for the closing costs of your real estate transaction, it’s important to think about where and when it will take place, who will be in charge, and what else may go well or wrong. Here are some of the things to ask your agent before closing the deal:
Question #1. What should I bring with me during the closing deal?
Buyers and sellers must each carry their own forms of government-issued identification. It’s also a good idea for both parties to carry a copy of the purchase agreement in case there are any clarifications needed.
Keys, garage door openers, and security codes will need to be brought by the sellers. Furthermore, if you haven’t already given them to the closing officer, please bring any documentation related to the house, such as invoices for repairs or evidence of a guarantee. Closing expenses and repair money, if not automatically deducted from the settlement, will need to be paid for using a personal check or a certified check. Bringing over records of home upkeep and owner’s manuals for the house’s various systems would also be of help when needed.
For buyers: You are required to bring the closing costs and proof of homeowner’s insurance and the title search from your closing agent.
Question #2. What if I need to do an in-person closure but am unable to show up?
When closing remotely, you have a few choices:
Drafting a power of attorney
To begin, you can consider drafting a power of attorney to authorize a representative to sign on your behalf. This form is often prepared by the real estate attorney or title company as part of the closing expenses for a nominal charge.
This allows borrowers to sign paperwork at a notary’s office and then overnight it back to the closing officer.
In any scenario, it’s best to get in touch with a real estate agent right away to start setting things up.
Question #3. What if there’s a problem during the final walk-through?
The agreed-upon repairs will be done, and the house will be in the agreed-upon condition, when you and your real estate agent do a final walk-through of the property on or before the day of your closing.
In the event that you move in and find that the seller hasn’t completed the repairs or that damage was done during the move-out process, you do have options. Talk to your agent about negotiating for repairs to be taken care of, whether that’s via a down payment on a professional of your choice or in cash at closing.
Question #4. Who will be in charge of the closing process?
The rules of your market and the regulations of your state will dictate the response to this.
When purchasing real estate, closings are sometimes conducted by a local real estate attorney, while in other markets, title firms manage the process. When submitting an offer, you should tell your agent who you want to have handled the closing.
A real estate agent may suggest a closing agent or lawyer they have successfully collaborated with in the past if you don’t already have one in mind.
Question #5. How can I make closing costs?
Funds-at-closing rules might vary widely across businesses and among real estate lawyers. They may accept cash, checks, or debit/credit cards for modest purchases.
Also, closing expenses may be paid with a wire transfer in advance of the closing date, or with a certified or cashier’s check on the day of the closure. It is crucial that you talk about finance with both your real estate agents and your bank to guarantee a timely transfer of money on real estate transactions.
Question #6. When will the deal finally close?
Many purchasers schedule their closings for the last few days of the month. Expenses like taxes and interest will be prorated, so if you close towards the end of the month, you could only wind up paying for a few days. This helps the buyer save money at closing.
The closing date and time will have been agreed upon as part of the purchase agreement, but will ultimately be determined by the availability of the various parties involved. If the closing officer has to travel to you, then traffic and travel time must also be considered.
Question #7. What does this odd email I received about closing mean?
Several types of fraud, including wire fraud, identity theft, and others, often target real estate transactions.
In the event that you get an email claiming to deliver or alter the wire transfer instructions, it is imperative that you contact your real estate agent or a buyer’s agent immediately. Furthermore, inquire with your closing officer about any safeguards they have in place to protect you in the event that your wire transfer is accidentally rerouted.
Question #8. Where will the closing meeting be held?
Most closings take place in the law firm or closing agent’s office, but they may also take place at your place of business or even online.
In addition, any or all of the verification and signing steps may be completed on a computer at your leisure, depending on the laws.
Question #9. After I have received the closure paperwork, what should I do with them?
Some of the expenditures associated with closing may be tax deductible. Save a copy of the closing disclosure for your records and send a duplicate to your tax adviser or accountant. You may retain the rest of the paperwork in your own files, or your real estate agent can provide you electronic versions that you can save in the cloud.
The excitement of knowing that you’re so close to closing on your new home is real. Since this is such a big and, frankly, nerve-wracking procedure, we totally understand if you’re worried about a few things on closing day.
Get your condo closing documents from reputable real estate professionals or developers such as Asterra for the best in convenience and assurance.
We provide not just reasonably priced condos in a mid-rise building, but also the peace and quiet every Filipino seek and the accessibility to urban amenities that you desire.