Destin Title Company: 9 Tips For A Smooth Real Estate Closing

Finding a property that’ll suit your preferences can be both exciting and daunting. It could take months of searching, open houses, and negotiations before you get closer to a real estate closing.  

Closing is a real estate term that refers to the final step in completing a real estate transaction. At this point, you’ll legally and officially have ownership of the property. A real estate closing can last up to more than a month, and if you want the process to be a smooth one, here are some tips to consider:

1. Secure A Preapproval Letter From Your Lender

If you’re using a lender to fund your purchase, the first thing you’ll need to prepare is a preapproval letter. This letter will indicate how much money will be loaned to you by the lender. 

With a preapproval letter, you and your title company will have an idea of how to go through the real estate closing process while staying on your budget. This will also allow you to prepare ahead of time in case you’ll need to come up with additional funds.

2. Conduct A Thorough Home Inspection

While you may have examined the house before deciding that it’s the one you want to purchase, it’s possible to still miss a few problems or faults that need to be fixed. It’s totally understandable if you’re not able to notice or point out those faults because of sheer excitement upon checking out the property.

Conduct a thorough inspection and take your time. Keep in mind that this might be the biggest investment you’ll ever make, so you need to ensure that everything’s in tiptop shape before you sign the closing documents.

3. Get A Homeowner Insurance

Getting homeowner insurance before acquiring the property is a good move. This is because an insurance will cover any repairs or costs that may incur once the house is finally yours. Take note that insurance is a necessity and not a luxury, especially since it’ll protect your home against theft or damage.

If you’re from Destin and you’re already negotiating with a local title company, like Emerald Coast Title Services, you can ask them for recommendations regarding homeowner insurance. They can surely point you in the right direction. Additionally, make sure that the insurance policy will cover as many damages as possible for your own advantage.

4. Secure A Mortgage

Although getting a mortgage approved should be done before you start looking for a property to buy, something might get in the way of accomplishing that beforehand. It could be that you couldn’t find a flexible mortgage that meets your needs or perhaps the first one you negotiated with wasn’t approved.

When looking for a mortgage lender, find out about their loan terms, rates, and down payment requirements. Most especially, ask the closing cost as well as other fees that you’ll need to pay along the way.

5. Prepare Your Documents Ahead Of Time

Make sure you organize and prepare the documents needed for the real estate closing. Home inspection forms, insurance, mortgage, and contracts are usually required during the signing process. Also, don’t forget to bring IDs such as your social security or licenses.

6. Keep In Touch With Your Realtor

As a buyer, you should always be updated and informed about the real estate closing process. First-time house buyers, particularly, are surely overwhelmed as they try to keep up with everything they need to know. 

Keep in touch with your realtor or title company every day so they’ll know that you’re not keen on waiting too long for the closing. Ask questions whenever you feel the need to. Remember that it’s your property that you’re investing in, so everything needs to be in place.

Inform the title company that you want a fast closing. Doing so will make them work diligently to deliver your expectations. 

If you’re in Florida and you want to stay updated on the latest real estate trends, you can watch this:

7. Hire A Reliable Escrow Company

An escrow is the use of a legal third-party financial instrument that’ll be responsible for holding funds or an asset while in the process of a transaction, such as a real estate closing. You’re required to have an escrow account to complete the transaction.

Hiring a reliable escrow company is an essential part of buying a property. If you already have a title company working with you, you can ask them if they also provide escrow services. Most title companies offer a whole package, including escrow services.

8. Sign Your Documents Digitally

With the availability of digital platforms nowadays, it’s possible to sign your documents anytime and anywhere using any kind of device. Aside from avoiding physical contact, the process will be faster and more convenient for both you and your title company. Digital signatures work perfectly when you’re busy or in the middle of work and your title company suddenly calls you up for a signature or two.

In case you need to sign the documents with the presence of a notary public, you can look for a mobile notary that can come to your location and acknowledge your signature. 

9. Confirm That The Title Is Cleared

At this stage, your title company or real estate lawyer will request a title report to ensure that the title is cleared and ready for the turnover before the real estate closing. Make it a note to ask your title company about it to make sure that you have nothing to worry about. 

Closing The Sale

As the signing day approaches, you’re surely inundated with mixed feelings and worries. If you want a smooth real estate closing so you can finally set foot on your new home, find a professional and reliable title company to help you throughout the process.

It takes exhaustive preparation and proactiveness on both sides to make the real estate closing a smooth and convenient deal. Take note of this checklist and stay in touch with your title company until you’ve officially closed the deal. Check and double-check everything to make sure that you won’t have any problems or issues the moment you move into your newly acquired property.