Never assume that your buyer or seller knows what they need to do to prepare for settlement and having the property exchange hands. Spell it out so they clearly understand their responsibilities.
Read the Emails
Buying and selling property can be an overwhelming experience. Buyers and sellers have a lot to think about so it's extremely easy to have something fall through the cracks. Remind your client that they will be receiving several emails from you, their lender and the title company. It is important for them to read each of them carefully and follow the instructions as they are outlined. Overlooking any of these communications could cause a delay in settlement.
Transfer Utilities
The transferring of utilities sounds like an easy task, but it is one that is constantly done incorrectly. Remind your seller that they need to transfer all of the utilities out of their name effective the date of settlement. The buyer should be calling the utility companies to have the utilities transferred into their name effective the day of settlement. The seller should not have the utilities turned off and they should definitely be on to allow the buyer to conduct their final walk through.
Bring the Required Funds
Lenders often don't get the final loan documents to the settlement company until the day of settlement. As a result, the buyer doesn't know the exact amount of money they need to bring to settlement. To avoid any last minute confusion and stress, the buyer should refer to their Good Faith Estimate. The buyer will have three means of getting the funds to the settlement company. They can bring either a cashier's check or a certified check. If the buyer wants to wire the funds, they will need to get the wiring instructions from the settlement company.
Last Minute Glitches
Let your buyer and seller know that there is always the possibility of a last minute glitch. Help your client understand that although a glitch may occur, settlement will generally occur. What other things should buyers and sellers be prepared for at settlement?
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