For most buyers and sellers, the closing process is not something you do everyday.
After the negotiations, home inspection, and planning a move, it all culminates into one final thing: the closing.
Without a successful closing, no real estate closing is complete. It’s important that as a buyer or seller you’re full prepared for the process.
As a Knoxville title company, we deal day in and day out with the closing process. So, in this post, we’ll take a look at few best practices to make the closing process easier.
One thing buyers often forget is that closing funds must either be in the form of a cashier’s check, certified check or bank wire.
For buyers that are coming from out of town or that don’t bank locally, it is important that arrangements are made prior to closing so there are no last minute delays.
In addition, if funds are being taken from a 401(K) or IRA, it is also important to have a plan in place to know the requirements and turnaround time for getting those funds for closing.
For sellers that are bringing money to closing, a cashier’s check, certified funds or bank wire are required for any amount over $500. (If you are unsure of the amount that you’ll be bringing to closing, we are able to provide you with an estimated amount prior to closing.)
When it comes time to close, it’s important that any last minute details are squared away.
As a buyer, this may mean checking in with your mortgage lender to see if there is anything additional they need prior to closing. In all of the chaos of planning for a move, it can be easy to forget to bring that last pay stub to closing or to bring a copy of the closing disclosure from the sale of your home. These last minute details are important to the final approval of your loan, so be sure you’re prepared ahead of time.
For both buyers and sellers, it can be also important to check with your Realtor to ensure you’re aware of all last minute details. It’s good to know when the final walkthrough is taking place and how you’ll be getting the keys at closing.
While the details may seem small, they matter to ensure a smooth closing.
Under the new TILA-RESPA Integrated Disclosure (TRID) guidelines that went into effect on October 3, 2015, you’ll be receiving a copy of your closing disclosure a few business days prior to closing.
It’s important that these numbers be reviewed prior to closing. That way, if you have any questions or concerns, they can be addressed prior to sitting down at the closing table.
Under the new TRID guidelines, last minute changes to the closing disclosure can sometimes delay closing depending on what the change is. So, it’s better to find the issue sooner rather than later, as changes made prior to closing are less likely to cause delays in closing.
While the TRID guidelines don’t apply to cash transactions, it’s still important that figures are reviewed prior to attending closing. That way, if you have any questions, they can be addressed prior to closing to ensure a smoother closing.
Closing on a home can be stressful.
One of the easiest ways to remedy the stress is to be prepared. If you have questions along the way about the process, getting your questions answered by a loan officer, realtor, or your closing team at the Knoxville title company is worth it. You’ll sleep easier knowing everything under control.
Are you in the process of buying or selling a home in the Knoxville area? Title Group would love to assist you in anyway possible. You can reach us at 865-392-5801 or via email at [email protected].
Title Group of Tennessee is a full service Knoxville title company. We specialize in Knox, Sevier, Loudon, Blount, Jefferson, and surrounding counties. Title Group of Tennessee is ALTA Best Practices Certified since October 2015.