Realty Times October 28, 2002

Expediting The Closing Process
by Ginny Abiassi

Real estate closings can be an emotional roller-coaster ride for your client - ups and downs, excitement and possible conflicts. From the events leading up to it to the actual closing, clients want to know that you, the real estate agent, are diligently working to insure that all runs smoothly, and they want the end result to be a joyous occasion. Sound like a tall order? Not necessarily.

Timing is essential to a successful closing, and a quick turnaround from contract to actual closing depends on accurate information. Therefore, before you submit a contract, be sure to review it for completeness and accuracy. For example –

  • Is the form filled out properly?
  • Are the required signatures in place?
  • Is the information current?
  • Is the information consistent on all documents (sales contract, disclosure notices, etc.)?

Discrepancies, inaccuracies or a simple lack of information can cause undue delays during the crucial closing process.

In order to avoid complications later, make sure your documents include good legal descriptions and that your client understands the sales contract. Having detailed facts/terms of the agreement will prevent confusion and protect your client’s interests. In addition, you will also want to note any fees, legal or otherwise, involved with the closing. Many times these are overlooked until the title company calls about them.

When a closing is on the horizon, be sure to choose a date and time that is convenient for all participants. Regardless of how minor things may seem, these “little things” make a world of difference to your client.

Finally, review with your client the acceptable funds for the closing. Many states have “good funds” regulations, which prohibit a title company from making any disbursements from its escrow account until after all money involved in the transaction is considered “good funds”. Good funds generally include cash, wire transfers and cashier or certified checks. Since not all states have the same regulations, it is a good idea to contact your title insurance professional to determine which “good funds” your state accepts.

In an ideal world, every closing would run smoothly and without problems. In the real world, challenges sometimes arise. You should know that you can always utilize your title agent as a single point of contact for information and services. Title agents can provide you with valuable assistance to help save time and provide better customer service.

As an agent, whether you have been through a hundred closings or two of them, you know how important it is to provide good, quality service to your clients. Your goal is to facilitate a positive closing experience for all parties involved. After all, a happy customer is a loyal customer.



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