Wednesday, August 20, 2014

scheduling your closing

When a sales contract is negotiated the contract typically contains a target date for closing.  In most cases it is an "on or before" date.  If this date is very important to you, please make sure you make that clear to your mortgage lender and your title insurance agent.

Most dates are wishy washy and subject to change and so these professionals will not consider that a hard target unless told.

As you approach that date, do not assume that you have been scheduled for that day.  You must speak directly with the title insurance agent to verify the status of your scheduling.  Do not make all of your moving plans until you have a firmly scheduled closing confirmed.

Note that if you are getting a mortgage, the title insurance agent will need to wait for the mortgage lender's "clear to close" permission before scheduling.  This sometimes happens within a few days of the target date so things can be very last minute.  Just stay calm and your job is to make certain you provide any requested information or documents quickly.  Any delay can postpone your closing.

Getting to the closing table is a team effort and you are a member of that team along with the seller, real estate agent, mortgage lender, and title insurance agent.  Everyone must do their part to move the transaction forward and meet the goal.

The actual time of your closing will be set by the title insurance agent and if you have selected a date that is popular with many consumers, then timing is a first come first serve proposition.  Keep that in mind and again, confirm the closing schedule before making moving plans.