How to Speed Up Your Next Closing

To help speed up a closing, the following things, which are necessary to the closing, should be furnished at the outset:

1. Correct legal description of the property. (Take Property Profile with you to open closing!)

2. Correct street address: re: number, Avenue, Drive, Street, etc.

3. Full names of parties involved in the closing (initials are not enough; also, if a married couple is involved, the first name of the wife as well as the husband is essential).

4. Information as to how the buyer(s) want to take title.

5. Names of all lien holders, both Mortgage Companies and private parties. Needed: company name, number, address, telephone number and approximate unpaid balance.

6. Terms of new encumbrances OR terms of existing encumbrances.

7. Fire insurance information - New policy or assuming existing policy.

8. Current tax bill for pro-ration purposes.

9. Rental statement - list of tenants, their rental amount, and any security deposit.

AFTER YOUR CLOSING IS OPEN

1. When calling your closing office, have your closing number, and buyer and seller’s names.

2. Keep your closing officer informed on any matters that may affect your closing.

3. Take care of the termite report - if you are the selling associate.

4. Take care of the insurance policy with the buyers, if you are the selling associate.

The more information you make available to your closing officer, the smoother your closing will go and the sooner it will close.