Buying a home can be a long process. The last thing you want after all your time spent searching for homes and getting the best mortgage rate is to have everything go wrong on closing day. Here are five tips that will help ensure it goes smoothly.
1. Schedule a date that works best for you: You have every right to request the closing take place at an ideal time for you, and the other parties in the transaction will usually work with you to make it happen. Whether it’s timing the closing around a pay date or the end of a lease, the first step is finding a date that minimizes stress or conflicts.
2. Clarify your payment: Many title companies do not accept personal checks, so give yourself a few days to get a cashier’s check or set up a secure wire transfer. Wire transfer fraud is huge and growing: call the recipient directly to verify the wire transfer instructions.
3. Double check insurance: You’ll need to arrange for a title insurance policy for your mortgage and purchase homeowner’s insurance (plus flood insurance, depending on the area; it's South Florida, after all). Make sure your policy begins on your closing date.
4. Do a final walk-through: You’d be surprised to find that buyers skip this step! Schedule a final walk-through to ensure that all requested repairs have been made and everything is in working order.
5. Take action based on walk-through: If any issues are identified, you may need to delay closing or negotiate a discount before the closing date to avoid delays.