A real estate closing is comprised of much more than one would expect. There are a lot of things going on at once. There is a bulk of papers flying this way and that, an endless amount of signatures needed, various parties involved, and a whirlwind of emotions all confined to one long, wooden conference room table. To make the process a little bit easier and a lot more enjoyable, we asked our Settlement Officers to compile a Closing Checklist for Agents and Lenders to review before closing.

A Check List For Real Estate Agents and Lenders

1. Time And Location

This one may seem like a no-brainer, but with the high volume of emails that agents and lenders receive daily it is easy to miss or mix up the closing time and location. Always double check this important piece of information before heading to the closing table.

2. Earnest Money Deposit

If the listing agent is holding the EMD, make sure it is brought to settlement.

3. The Cash To Close, Wire Instructions, Lender Requirements

Often, the buyer will come to closing without the proper amount of money and will delay closing. Always make sure your buyer is informed about the amount that he or she must bring to closing, that the buyer has the proper wire instructions so that they are able to successfully wire funds without issue prior to closing, and that all requirements made by the lender have been fulfilled.

4. The Closing Package Has Been Received By The Title Company

Always make sure the Title Company has received the closing package before coming to settlement. If the Title Company does not have the package prior to closing, the parties involved will likely experience long wait times.

5. The Client Knows To Bring At Least Two Forms Of I.D. To Closing

One must be government-issued and include a photo, such as your driver’s license or passport. The other must have your name printed on it, such as a Social Security card, credit/debit card, or insurance card.

6. Prepare A List Of Questions

Prepare a list of common questions for your buyer to prevent any post-settlement confusion.

How will I pay my property taxes and homeowner’s insurance? Where will I send my monthly payments? If I have Homeowners’ Association dues, how do I pay? Who should I call if I have questions after closing?

7. Review The Settlement Statement Before Closing

If you want to avoid delays during closing, it is crucial to review the settlement statement before closing. There is nothing worse than to be seated at the settlement table and reviewing the settlement statement only to hear that a number is incorrect or missing.

Title companies heavily rely upon information given by third parties. If you notice incorrect information on the settlement statement, it is essential to let the title company know before sitting at the closing table. It is preferable to learn about these changes even a day or two prior to closing.

8. Check Your Commission

It’s much easier to fix the commission before everyone signs the documents than after the money has already been disbursed. If there is an error with your commission, let the title company know prior to closing so they can ensure you are paid the proper amount in a timely fashion.

A Core Closing Checklist