Under Contract: Ensuring a Smooth Closing
Undeniably, one of the most exhilarating parts that comes from the purchase of a home is when you receive an accepted contract. Going under contract is a welcomed milestone that signals the nearing end of the home buying process. However, going under contract doesn’t mean that everything is done. There are still a few things that can be done to ensure your transaction stays seamless. Mark Spain Real Estate has prepared several best tips and practices to help you ensure a smooth closing.
Try to Stay Available
During this exciting time; your agent, attorney or lender may need immediate documents or your signature. Responding in a timely manner to these individuals is of the utmost importance. Plan on being responsive to keep the process on track!
Don’t Mark on Any Documents
Despite going under contract, the paper trail may not end just yet. Amendments or addendums are a common part of the closing transaction. Other than signing or dating, it’s important to remember to never make an alteration on any documents. If you have any concerns or desired changes, be sure to address them with your agent so appropriate action can be taken!
Keep Your Bank Statements Simple
When possible, wait until after closing to deposit cash or gifts, make a non-payroll deposit, or move money around.
Do NOT Make Another Big Purchase
As you eagerly await your new set of house keys, don’t make the mistake of wanting new car keys to match! It is imperative you keep your credit score consistent during this time. Do not attempt to make any new credit inquiries. A consistent credit score allows the loan to be processed and cleared with ease.
No Cash Or Money Orders
Earnest money is a very important part of the transaction. Be sure to arrange your earnest money in the form of a personal check, cashier’s check or wire transfer. Oftentimes, money orders are not accepted as an earnest money deposit without a 30 or 60 day transaction statement.
Attend Your Closing
Everyone who will be on title must be at the closing table! Getting approval for Power of Attorney can be difficult. Prepare to bring your photo ID and excitement to the attorney’s office!
Always Keep Your Agent in the Loop
If you have questions, concerns or need to adjust a date, let your agent know! This ensures all parties can be communicated with and speedy action can be taken.
Going under contract is an exciting time and brings you that much closer to owning your new home! Keep these tips in mind and a smooth closing is sure to follow.
Thinking about buying a new home? Contact us, we would be happy to help!