You’d think that after everything else, finishing a real estate deal would be the easiest part of the job, but it can actually be the hardest. There are a lot of important considerations you should keep in mind during closing to avoid problems later on. With a few helpful planning tips, you can be prepared for closing and wrap up everything smoothly.
1. Make the Closing Your Sole Booking
As the final step of negotiation for the property, you need to focus your full attention on the closing. The last thing you want is to suddenly remember that you had something else scheduled the same day. Trying to balance between multiple bookings and other events can make the individual bookings into much more stressful occasions.
Moreover, you need to keep in mind how the situation will look to the buyer or seller you are working with. The process of real estate arrangements depends on maintaining a positive relationship between buyer and seller, so you need to present yourself as someone sincerely engaged in the discussion. When you’re fumbling between multiple deals or tense about time, your client may feel hesitant about the situation, thus complicating the final arrangements.
2. Check the Schedule Ahead of Time
Because it is so vital to have enough time to focus on the individual closing, you need to pay close attention to the scheduling. Not only should the closing be your sole booking, but you should make sure that your attorney and sellers also have their schedule(s) free to concentrate on the closing. Be prepared to adjust the date accordingly, since plans can change at the drop of a hat.
To ensure there is plenty of time for the closing, double-check your schedule and your client’s schedule a few days prior to the arranged date and make sure everything is still in order. Contact everyone involved to check that nothing unexpected has come up since you last spoke. If something new will interfere with the plan, change the schedule to a better time. The best plan is to have a flexible schedule in place from the beginning so you don’t need to reschedule – remember, any delay is extra time for either party to change their mind on the deal.
3. Be Prepared to Pay
A closing deal can come to an abrupt standstill with just one common question: who’s paying? In addition to property price, there’s also closing costs that need to be paid. The buyer should come with enough money to account for all potential payments required, and the seller should make sure the buyer can actually pay before the closing.
To prevent issues over money, it’s best to straighten out who’s paying what and how much ahead of time. That way, both parties arrive at the final meeting with a solid understanding of what needs to be paid. If you are selling the house, it is sometimes helpful to offer a deal on the property’s value or cover some of the closing costs to help finalize the purchase.
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