Some insight into real-estate closing

insight into real-estate closing

“Closing the deal” or being a “closer” is considered a goal of many ambitious people. If a person has a reputation for being a “closer,” it means they have the ability to get what they want when they want it. We would all love to have this ability, wouldn’t we.

Well, we can — at least in one area of our lives: real-estate closing. Most of us, at one point in our lives, will have some experience with buying or selling real-estate, or know someone that does. Few things in life are more important than getting the right deal done in real estate. So, let’s take a look at how exactly this can be done.

Timing is important

First, much of what makes closing a real-estate deal efficient revolves around timing. This can be crucial. On the one hand, documents for both buyer and seller should be prepared as early as possible to ensure completion by closing date.

On the other hand, there are activities associated with a real-estate closing that should be done at about the time of actual closing. For example, an inspection of the property should be done close to closing to minimize the opportunity for extensive changes or damages.

Similarly, coordinating the exchange of property, as well as making any accommodations for moving in, should coincide with the actual closing date. The hooking up of utilities, as well as the time of moving in, can be planned ahead of closing.

From the seller’s perspective

On the real-estate seller’s side, the insurance company should be notified if the premises are to be vacated well before closing. That way the house is still insured even if there’s nobody actually living there. In addition, the insurance should not be cancelled until the final move is made. This measure can help avoid future complications.

On the flip side of the utilities equation, a real-estate seller can have all meters read on the day of closing. This way, a seller won’t be unduly charged for utilities used after the closing date. A set of keys should also be given to the seller’s lawyer, who will then pass them onto the buyer upon official closing.

If you need a professional advice on family law, or if you’re thinking of divorce, please phone us here at Hosseini Law Firm (HLF) for a 15 minute free consultation: 416-628-4635, or please use the contact form provided on this page. Thank you.

Posted on by Behdad Hosseini
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