Stress and Confusion Reduction at Closing

We have a few steps that you can follow prior to closing on your dream property that will help you avoid being a functional pile of nerves and anxiety.

Educate and prepare for the wave of paperwork that will engulf you.

• This is an area where the FDIC has excellent resources, that could help everyone involved in a property transaction. Being educated about your property transaction can help really prepare you for, and avoid issues with, your property purchase and avoid time and money being spent on superfluous and unnecessary activities.
  • Getting copies of the documents you will need to review and sign is a great idea.
  • Having advanced copies will allow you to ask for an explanation of the legalese that is used on the contracts.
  • Ask for a checklist-style explanation of what a home buyer will need to do and have prior to the closing.
  • Information that will help you understand any mortgage scams and grifts that you can fall prey to.

You should go into your closing being well rested.

• Closing day could come at you fast and stressful. But that doesn’t have to be the reality. You will have to sit through long and drawn-out explanations of each paper that you will see and sign. It’s best that you are not tired or irritable when this occurs, since you want to be attentive and fully understand the documents that are being placed in front of you. A good rule of thumb is to get a full night’s sleep, that way you can cognitively understand and sign the documents that you are being presented without needing a half-time break, or seventh-inning stretch. You don’t want to zone out at one of the most important signings of your life.

Find out who will be around the closing table.

• We’ve talked about the faces you’ll see around the closing table before, but to give you a quick idea:
  • The Buyer
  • The Seller
  • The Buyer’s Agent
  • The Title Company
  • Real Estate Attorneys
  • Mortgage Professionals

What is the money situation?

• You may have a general understanding of the finances that will be discussed at your closing. Maybe. But, how much do you really know? This can be one of the biggest blind spots a buyer has. If you have not discussed the financial part of the closing it is the best time to ask your title company, Realtor, Real Estate Broker or Lender about this. It’s not fair to go into your closing unsure of what money is being changed hands. This can be overwhelming even to experienced buyers.

What should I avoid doing?

• Well, you should avoid doing a few things that could be seen as financially irresponsible.
  • Some of these items are:
    • Making a large purchase before your closing.
    • Accepting large sums of cash or money, even if it is a gift, prior to your closing.
    • Moving money in or out of accounts in large sums, aside from closing costs or escrow funding.
    • If your purchase is pending the sale of the property in-which you live currently, and your being seen as delaying that process, this is seen as a financially risky move.

If you’re looking for a title company to help make your property transaction a smooth process, Gables Title Group would love to help when you purchase or refinance your real property and beyond.